facebook
twitter
search
search

Mortgage rates inch higher

Jan. 24, 2013 at 2:02 PM

WASHINGTON, Jan. 24 (UPI) -- Long-term U.S. mortgage rates rose in the week that ended Thursday, the Federal Home Loan Mortgage Corp. said.

Rates are not far from historic lows. The record low for 30-year, fixed rate mortgages was set Nov. 21. Rates for 30-year loans rose to their highest point since Sept. 29, Freddie Mac said.

In the week, the average 30-year fixed mortgage interest rate rose from 3.38 percent to 3.42 percent with an average 0.7 points, Freddie Mac said.

One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan's long-term interest rates.

Interest rates for 30-year, fixed-rate loans were at 3.98 percent in the same week a year earlier.

Interest rates for 15-year fixed rate loans rose from 2.66 percent to 2.71 percent with an average 0.7 points. The average rate for 15-year loans with fixed rates stood at 3.24 percent a year earlier.

Rates for five-year adjustable rate mortgages held at 2.67 percent with an average of 0.5 points. A year earlier, rates for these loans averaged 2.85 percent.

One-year adjustable rate mortgages using 10-year bonds as a benchmark, averaged 2.57 percent with 0.5 points in the week, also unchanged from the previous week.

One-year Treasury-indexed loans were at 2.76 percent in the same week of 2012.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Topics: Freddie Mac
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Volvo unveils new child seat concept
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules