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U.S. mortgage rates slip in week

April 4, 2013 at 1:26 PM
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WASHINGTON, April 4 (UPI) -- U.S. mortgage rates slipped in the week, the Federal Home Loan Mortgage Corp. said Thursday.

Rates for 30-year, fixed-rate mortgages slid from 3.57 percent with an average 0.8 point to 3.54 percent, Freddie Mac said.

Rates for 15-year contracts dropped from 2.76 percent to 2.74 percent with an average 0.7 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 fell to 2.65 percent with an average of 0.5 points from 2.68 percent.

One-year adjustable rate mortgages using 10-year bonds as a benchmark, averaged 2.63 percent with 0.4 point in the week, up from 2.62 percent in the previous week.

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