U.S. average mortgage rates fall; 30-year at 4.28 percent

WASHINGTON — U.S. long-term mortgage rates fell this week, giving an incentive to potential buyers as the spring homebuying season opens.

Mortgage buyer Freddie Mac says the average rate on the 30-year, fixed-rate mortgage declined to 4.28 percent from 4.31 percent the previous week.

Mortgage rates have fallen substantially since the beginning of the year, after climbing for much of 2018 and peaking at nearly 5 percent in early November. The average rate on the benchmark 30-year loan stood at 4.45 percent a year ago.

The average rate this week for 15-year, fixed-rate loans slipped to 3.71 percent from 3.76 percent a week earlier.