30-year mortgage rate rises to 3.90 percent

WASHINGTON (AP) — The average rate on the 30-year fixed mortgage stayed near its lowest level on record, keeping home-buying and refinancing affordable.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan rose to 3.90 percent from 3.88 percent. The rate touched 3.87 percent in February, which was the lowest since long-term mortgages began in the 1950s.

The 30-year loan is the most common financing option for home buyers.

The 15-year mortgage, which is popular with those refinancing, rose to 3.13 percent from 3.11 percent, an all-time low.

Cheaper mortgages have done little to boost home sales. Americans bought 2.6 percent fewer homes in March, according to a separate report released by the National Association of Realtors.

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