By Canadian Press

Average US 30-year mortgage rate falls to new 2016 lows

Jul 7, 2016 | 2:04 PM

WASHINGTON — Long-term U.S. mortgage rates fell this week to new lows for the year, pushed down by financial tumult in Europe.

Mortgage giant Freddie Mac says the average 30-year fixed rate mortgage fell to 3.41 per cent from 3.48 per cent a week ago. A year ago, the 30-year rate stood at 4.04 per cent. The 15-year mortgage rate dropped to 2.74 per cent, down from 2.78 per cent last week and 3.20 per cent a year ago.

The rate on five-year adjustable rate mortgages slipped to 2.68 per cent from 2.70 per cent last week.

After Britain’s recent vote to leave the European Union, worried investors fled to the safety of U.S. bonds, driving down long-term U.S. rates.

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Paul Wiseman, The Associated Press