Mortgage rates drop slightly in week

Sept. 6, 2012 at 11:24 AM
| License Photo

WASHINGTON, Sept. 6 (UPI) -- Fixed mortgage rates on long-term loans in the United States dropped marginally in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.

With prices not far above record lows, the average 30-year fixed mortgage dropped from 3.59 percent to 3.55 percent with an average 0.7 points, Freddie Mac said.

A year earlier, interest rates for 30-year, fixed-rate loans were at 4.12 percent.

For 15-year loans, interest rates held steady at 2.86 percent with an average 0.6 points. A year ago, 15-year loan rates averaged 3.33 percent.

Interest rates for five-year adjustable-rate mortgages dropped from 2.78 percent to 2.75 percent in the week with 0.7 points. In the same week of 2011, rates for five-year ARM contracts stood at 2.96 percent.

The average interest rates for one-year ARM contracts fell from 2.63 percent to 2.61 percent in the week with 0.4 points. Rates a year ago for one-year ARM contracts averaged 2.84 percent.

Related UPI Stories
Latest Headlines
Top Stories
Radiation protection vest being investigated for use in space
Canada buying radar from Rheinmetall Canada and Elta Systems
Navy researches use of transparent material as armor
Harris enhancing targeting capabilities Navy aircraft
Chinese woes continue drag on oil prices