Long-term mortgages drop to 4.23 percent

Long-term U.S. mortgage rates slid this week from their highest levels of 2017.

Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate home loans fell to 4.23 percent from 4.30 percent last week. The benchmark rate stood at 3.71 percent a year ago and averaged 3.65 percent in 2016, lowest in records dating to 1971.

The rate on 15-year mortgages tumbled to 3.44 percent from 3.50 percent.

Last week’s rates were the highest of 2017.