Average 30-year mortgage rate ticks up to 3.58%

WASHINGTON (AP) – May 19, 2016 – Long-term U.S. mortgage rates were little changed this week, at or near their lows for the year.

The low rates come amid the spring home buying season, luring prospective purchasers.

Mortgage buyer Freddie Mac says the average 30-year fixed-rate mortgage ticked up to 3.58 percent from 3.57 percent last week. It’s far below its level a year ago of 3.84 percent.

The average rate on 15-year fixed-rate mortgages was steady at 2.81 percent.

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