Average US Rate on a 30 Year Mortgage Falls to 3.9%

Average long term US mortgage rates slid last week to their lowest level since February 2015, luring prospective purchasers during the spring home buying season.

Mortgage Buyer Freddy Mac stated last week that the average rate on a 30 year fixed rate mortgage fell to 3.59% from 3.71%.  The benchmark rate was far below the 3.66% level it marked a year ago.

The average rate on a 15 Year Fixed Rate Mortgage declined to 2.88% from 2.98% last week.

A recent speech by Federal Reserve Chair, Janet Yellen reaffirmed the Fed’s plans to move slowly in raising the interest rates it controls.  That prospect has tamped down mortgage rates according to the Washington Post.