Average 30-year mortgage rates tick up to 3.58%

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In this Aug. 16, 2019, photo for sale signs beckon buyers to homes along Park Avenue in Richmond, Va. On Thursday, Aug. 29, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/Steve Helber)

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WASHINGTON (AP) — U.S. long-term mortgage rates ticked up slightly this week, yet they remain near historic lows.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan rose to 3.58% from 3.55% last week. Mortgage rates have fallen sharply as a slowing global economy and tensions from the trade war between the United States and China have caused the interest rates on government bonds to tumble, prompting the average rate for a 30-year home loan to decline from 4.52% a year ago.

Lower mortgage rates should help homebuyers, but low inventories and high prices that have consistently eclipsed wage growth have restrained sales growth.

The average mortgage rate for 15-year, fixed-rate home loans rose to 3.06%, up from 3.03% last week.

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