July 20, 2017 / 3:15 PM / a year ago

UPDATE 1-U.S. 30-year mortgage rates fall back below 4 percent - Freddie Mac

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    NEW YORK, July 20 (Reuters) - Interest rates on U.S. 30-year
mortgages dropped back below 4 percent this week in line with a
drop in Treasury yields, retreating from their highest levels in
two months, Freddie Mac said on Thursday.
    The borrowing cost on 30-year mortgages, the most widely
held type of U.S. home loan, averaged 3.96 percent in the week
ended July 20. Last week, the average 30-year rate was 4.03
percent, which was the highest since 4.05 percent in the May 11
week, the mortgage finance agency said.
    Treasury yields have scaled back since last Friday following
a weak-than-forecast reading on the U.S. consumer price index
for June.
    "Continued economic uncertainty and weak inflation data
pushed rates lower this week," Freddie Mac's chief economist
Sean Becketti said in a statement.
    On Thursday, the benchmark 10-year Treasury yield
 fell to a three-week low at 2.243 percent after the
European Central Bank stuck to its ultra loose monetary policy
on concerns about low inflation in Europe.
    Below are the latest average mortgage rates in the week of
July 20 tracked by Freddie Mac:
 Loan type          Latest      Previous    Year-ago
                    week (pct)  week (pct)  (pct)
 30-year fixed            3.96        4.03          3.45
 15-year fixed            3.23        3.29          2.75
 5-year adjustable        3.21        3.28          2.78

 (Reporting by Richard Leong; Editing by Chizu Nomiyama)
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