Long-term U.S. mortgage rates fell this week to new lows for the year, pushed down by financial tumult in Europe.
Mortgage giant Freddie Mac says the average 30-year fixed rate mortgage fell to 3.41 percent from 3.48 percent a week ago. A year ago, the 30-year rate stood at 4.04 percent. The 15-year mortgage rate dropped to 2.74 percent, down from 2.78 percent last week and 3.20 percent a year ago.
The rate on five-year adjustable rate mortgages slipped to 2.68 percent from 2.70 percent last week.
After Britain's recent vote to leave the European Union, worried investors fled to the safety of U.S. bonds, driving down long-term U.S. rates.