In this Friday, July 19, 2019 photo, a For Sale sign is posted in front of a home in Miami. On Thursday, July 25, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/Lynne Sladky)

US long-term mortgage rates fall; 30-year average at 3.75%

July 25, 2019 - 9:21 am

WASHINGTON (AP) — U.S. long-term mortgage rates fell this week, edging toward three-year lows amid signals from Federal Reserve officials that they could cut their benchmark interest rate at their meeting next week.

Mortgage buyer Freddie Mac says the average rate on the key 30-year mortgage dipped to 3.75% from 3.81% last week. Those are historically low levels for the 30-year rate, which a year ago stood at 4.54%.

The average rate for 15-year, fixed-rate home loans fell to 3.18% from 3.23% last week.

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