facebook
twitter
search
search

U.S. mortgage rates shift lower

Feb. 28, 2013 at 12:27 PM
| License Photo

WASHINGTON, Feb. 28 (UPI) -- Long-term U.S. mortgage rates were lower after a four-week stall, the Federal Home Loan Mortgage Corp. said Thursday.

Rates for 30-year, fixed-rate mortgages dropped from 3.56 percent with an average 0.8 point to 3.51 percent, Freddie Mac said.

Rates for 15-year contracts dropped in the latest survey from 2.77 percent to 2.76 percent with an average 0.8 point.

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 five-year adjustable rate mortgages slid from 2.64 percent with an average of 0.6 points to 2.61 percent.

One-year adjustable rate mortgages using 10-year bonds as a benchmark, averaged 2.64 percent with 0.4 point in the week, down from 2.65 percent in the previous week.

Rates are moving lower just before the spring home-buying season, Freddie Mac noted.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Topics: Freddie Mac
Latest Headlines
Top Stories
Australian troops to receive new rifle variant
Gas prices could go up, AAA says
Saab joining BAE Systems, Patria in bid to produce armored vehicle
Kurdish government in Iraq selling more oil
Oil struggles to correct after Monday's drop