Long-term loan rates inch down

Long-term mortgage rates fell for a second straight week, slipping further from their highest levels of the year reached two weeks ago.

Mortgage buyer Freddie Mac said Thursday that the rate on 30-year fixed-rate home loans declined to 4.14 percent from 4.23 percent last week. The benchmark rate stood at 3.71 percent a year ago and averaged 3.65 percent in 2016, the lowest level in records dating to 1971.

The rate on 15-year mortgages eased to 3.39 percent from 3.44 percent last week.

Despite the rise in mortgage rates that started after the November election, Americans stepped up home buying in January. Many buyers sought to close their deals before rates increased further. The Federal Reserve raised its key interest rate on March 15 for only the third time since 2006, but economists say higher rates won’t slow home sales until later this year.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged this week at 0.5 of a point. The fee on 15-year loans slipped to 0.4 of a point from 0.5 last week.

Rates on adjustable five-year loans tumbled to 3.18 percent from 3.24 percent. The fee remained at 0.4 point.