Long term mortgage rates hold steady in week

Sept. 12, 2013 at 2:53 PM

WASHINGTON, Sept. 12 (UPI) -- Average U.S. mortgage rates were largely unchanged in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.

In the week ending Sept. 12, average interest rates on 30-year fixed rate loans held steady at 4.57 percent with an average 0.8 point, Freddie Mac said.

A year ago at this time, rates for 30-year fixed-rate loans averaged 3.55 percent.

Rates for 15-year fixed-rate mortgages averaged held at 3.59 percent with an average 0.7 point in the week. A year ago in the same week, 15-year fixed-rate loans averaged 2.85 percent.

Rates for 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.22 percent this week with an average 0.5 point. Last week, rates for these loans averaged 3.28 percent. A year ago, they averaged 2.72 percent.

Rates for 1-year Treasury-indexed adjustable-rate loans averaged 2.67 percent in the week with an average 0.4 point, a drop from the prior week's average rate of 2.71 percent.

Last year over the same period, rates for 1-year adjustable-rate loans averaged 2.61 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.

Like Us on Facebook for more stories from UPI.com  
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