News Summary: US rate on 30-year mortgage declines

News Summary: US average rate on 30-year mortgage declines to 4.37 pct; 15-year at 3.41 pct

Associated Press

RATES DIP: Average rates on U.S. fixed mortgages declined this week as concern waned in the financial markets over the Federal Reserve's possible slowing of its bond purchases this year.

NEW NORMAL: Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year loan slipped to 4.37 percent from 4.51 percent last week. Just two months ago the rate was 3.35 percent. Rates had surged in recent weeks amid concern over the Fed's bond purchases, which have kept interest rates low.

THE OUTLOOK: Mortgage rates remain low by historical standards. Low rates have helped fuel a housing recovery that is helping to drive economic growth this year.

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