Average US 30-year mortgage rate down to 4.32 pct. - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Average US 30-year mortgage rate down to 4.32 pct.


WASHINGTON (WKOW/AP) -- Mortgage rates in the U.S. have taken a dip, falling this week to their lowest point in two months.

The drop follows the Federal Reserve's decision last week to wait on slowing its monthly bond purchases.

The average rate on the 30-year loan dropped to 4.32 percent from 4.50 percent last week, according to mortgage buyer Freddie Mac, while the average on the 15-year fixed loan declined to 3.37 percent from 3.54 percent.

Both are the lowest averages since July 25.

Still, mortgage rates are nearly a full percentage point higher than in May, when the Fed first signaled it might slow its $85-billion-a-month in bond buys.

That moves is designed to lower long-term interest rates, including mortgage rates.

Last week the Fed kept the pace steady after lowering its outlook for economic growth.

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