WASHINGTON (AP) – US long-term mortgage rates fell this week. It was the seventh downturn in the last nine weeks for the 30-year fixed-rate loan key, which reached its lowest level since November 2016.
Mortgage buyer Freddie Mac said Thursday's average benchmark exchange rate 30-year mortgage fell to 3.73% from 3.84% last week. Unlike a year ago, the price was 4.55%.
The average rate for 15-year fixed-rate mortgages declined this week to 3.16% from 3.25%.
Historically low levels marked by mortgage rates in the spring's homebuying season have brought interest to potential buyers and homeowners who want to refinance. Total loan applications increased by 1.3% a week ending June 21
Several Americans signed home purchase contracts last month compared to April, the National Association of Realtors reported Thursday, a sign that buyers may be ready to take advantage of low mortgage rates and stabilize house prices. Even with the 30-year average mortgage rate below 4%, the domestic market reduced the first five months of the year.
Freddie Mac examines lenders across the country between Monday and Wednesday each week to compile their mortgage rates.  The average does not include additional fees, known as points, that most borrowers have to pay to get the lowest rates.
The average fee on 30-year fixed-rate mortgages was unchanged this week at 0.5 points.
The average fee for the 15-year home loan increased to 0.5 points from 0.4 points.
The average rate for five-year fixed-rate fixed-interest rate fixing fell to 3.39% from 3.48% last week. The fee was stable at 0.4 points.