Freddie Mac said interest rates were "fluctuating over taper turbulence," referring to speculation the U.S. Federal Reserve would be winding down its $85 billion per month quantitative easing program in the near future.
In the week ending Aug. 29, average interest rates on 30-year fixed rate loans fell to 4.51 percent with an average 0.7 point, down from the prior week when it averaged 4.58 percent.
A year ago at this time, rates for 30-year fixed-rate loans averaged 3.59 percent.
Rates for 15-year fixed-rate mortgages averaged 3.54 percent with an average 0.7 point in the week, down from last week when it averaged 3.6 percent. A year ago in the same week, 15-year fixed-rate loans averaged 2.86 percent.
Rates for 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.24 percent this week with an average 0.5 point. Last week, rates for these loans averaged 3.21 percent. A year ago, they averaged 2.86 percent.
Rates for 1-year Treasury-indexed adjustable-rate loans averaged 2.64 percent in the week with an average 0.4 point, a drop from the prior week's average rate of 2.67 percent.
Last year over the same period, rates for 1-year adjustable-rate loans averaged 2.63 percent.
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.
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