Average US 30-year mortgage rate eases to 4.29 pct

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Associated Press

Posted on May 1, 2014 at 8:01 AM

Updated Thursday, May 1 at 9:00 AM

WASHINGTON (AP) — Average U.S. rates on fixed mortgages declined slightly this week as the spring home-buying season has gotten off to a slow start.

Mortgage buyer Freddie Mac says the average rate for the 30-year loan eased to 4.29 percent from 4.33 percent last week. The average for the 15-year mortgage ticked down to 3.38 percent from 3.39 percent.

Mortgage rates have risen almost a full percentage point since hitting record lows about a year ago.

Warmer weather has yet to boost home-buying as it normally does. Rising prices and higher rates have made affordability a problem for would-be buyers, while many homeowners are reluctant to list their properties for sale.

Data released Tuesday showed U.S. home-price gains slowed in February from a year earlier for the third straight month.

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