Mortgage rates for 30-year loans fell to the lowest level since late April, reducing borrowing costs as the housing market enters its key selling season.
The average rate for a 30-year fixed mortgage was 3.72%,
Borrowing costs are declining as turbulent global markets drive investors to the safety of U.S. government bonds. Increased competition for the debt is forcing investors to accept smaller yields, resulting in lower mortgage rates.
That may be good news at the start of the prime home-buying season, which traditionally begins after the Super Bowl. The game is this Sunday.
Mortgage costs were expected to climb after the Federal Reserve raised its benchmark lending rate in December.
