facebook
twitter
rss
account
search
search
 

Long-term mortgage rates turn higher

May 9, 2013 at 11:34 AM   |   Comments

| License Photo
WASHINGTON, May 9 (UPI) -- Average U.S. mortgage rates for long-term loans rose for the first time in six weeks in the week ended Thursday, the Federal Home Loan Mortgage Corp. said.

Average rates on 30-year fixed rate loans rose from 3.35 percent to 3.42 percent with an average 0.7 point, Freddie Mac said.

Average rates for 15-year fixed rate loans rose from 2.56 percent to 2.61 percent with an average 0.7 point.

Average interest rates for five-year adjustable rate mortgages rose from 2.56 percent to 2.58 percent with 0.6 point, Freddie Mac said. And one-year adjustable rate mortgages using 10-year bonds as a benchmark averaged 2.53 percent with 0.4 point in the week, down from 2.56 percent in the previous week.

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.

"Fixed mortgage rates edged up following a solid employment report for April. The economy gained 165,000 new jobs on net last month, more than the market consensus forecast and the largest monthly increase this year," said Frank Nothaft, vice president and chief economist at Freddie Mac.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Freedom variant LCS takes to water Freedom variant LCS takes to water
2
Texas plant converts CO2 to baking soda Texas plant converts CO2 to baking soda
3
Iraq seeks thousands of tank rounds Iraq seeks thousands of tank rounds
4
Shell finds gas off the coast of Gabon Shell finds gas off the coast of Gabon
5
Australia upgrading Tiger helos; receives MH-60R from U.S. Australia upgrading Tiger helos; receives MH-60R from U.S.
Trending News
Around the Web
x
Feedback