Correction: Mortgage Rates story
WASHINGTON (AP) — In a story Nov. 21 about U.S. mortgage rates, The Associated Press reported erroneously that a year ago, the 30-year rate was at 3.81%. It was at 4.81%.
A corrected version of the story is below:
US mortgage rates fell this week, boosting housing market
US mortgage rates fell this week, supporting greater home sales
WASHINGTON (AP) — U.S. mortgage rates turned down this week, lowering the cost of purchasing a home and supporting the housing market.
Mortgage giant Freddie Mac said Thursday that the average rate for a 30-year fixed mortgage fell to 3.66% this week from 3.75% last week. The average 15-year rate declined to 3.15% from 3.2%.
Rates have fallen sharply in the past year. The National Association of Realtors said Thursday that home sales in October rose 4.6% from a year ago. The construction of new homes and apartments jumped nearly 4% in October.
The 30-year rate has dropped from 4.81% last year, while the 15-year rate was nearly 4.25% a year ago.
Freddie Mac surveys lenders across the country between Monday and Wednesday each week to compile its mortgage rate figures.