Average Longterm US Mortgage Rates Declined This Week After Three Straight Weeks Of Increases

Average Longterm US Mortgage Rates Declined This Week After Three Straight Weeks Of Increases

WASHINGTON (AP) — Average long-term U.S. mortgage rates declined this week after three straight weeks of increases. The decline could be a spur to prospective buyers as the spring home buying season gets started.

Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year, fixed-rate mortgage slipped to 3.71 percent from 3.73 percent last week. The benchmark rate is above the 3.69 percent level it marked a year ago.

The average rate on 15-year fixed-rate mortgages eased to 2.96 percent from 2.99 percent last week.

After the Federal Reserve's decision last week to keep a key interest rate unchanged in light of global economic pressures, prices of U.S. government bonds have risen sharply. That has pushed down the yields on the bonds, which mortgage rates follow.

The yield on the 10-year Treasury bond stood at 1.87 percent Wednesday, down from 1.91 percent a week earlier. The yield declined further to 1.85 percent Thursday morning.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged from last week at 0.5 point. The fee for a 15-year loan also held steady, at 0.4 point.

Rates on adjustable five-year mortgages averaged 2.89 percent this week, down from 2.93 percent last week. The fee remained at 0.5 point.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Victor DeFrisco Headshot
Author:
Phone: 561-951-3759
Dated: March 25th 2016
Views: 77
About Victor: ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Exit Realty Premier
6177 Jog Road, Suite 5D 6D
Lake Worth, FL
561-701-8124


Other Locations