WASHINGTON — Average U.S. rates on fixed mortgages declined last week, edging closer to historically low levels.
Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan fell to 4.32 percent from 4.37 percent last week. The average for the 15-year mortgage eased to 3.32 percent from 3.38 percent.
Mortgage rates have risen about 1 percent since hitting record lows roughly a year ago.
The increase was driven by speculation that the Federal Reserve would reduce its $85 billion-a-month bond purchases, which have helped keep long-term interest rates low.
The Fed announced in December and January — and again on Wednesday — that it was reducing its monthly bond purchases.