30-year mortgage rate falls to 4.5%

Average rates on fixed mortgages declined this week amid signs the economic recovery is slowing.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.5% from 4.57% last week.

The average on the 15-year fixed mortgage dipped to 3.54% from 3.59% last week.

The retreat in the average rate of a 30-year mortgage comes just a couple of weeks after the rate reached a two-year high of 4.58% on Aug. 22. The average rate on a 15-year mortgage also hit a two-year high — 3.6% — that day. Overall, mortgage rates remain low by historical standards. Full Article