U.S. mortgage rates slightly lower in week

Dec. 12, 2013 at 11:50 AM
| License Photo

WASHINGTON, Dec. 12 (UPI) -- Interest rates on long-term, fixed-rate mortgages were slightly lower in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.

Rates for 30-year, fixed-rate mortgages dropped from 4.46 percent to 4.42 percent with an average 0.7 point in the past week.

A year ago, rates for 30-year, fixed-rate mortgages averaged 3.32 percent.

Rates for 15-year, fixed-rate mortgages fell from 3.47 percent to 3.43 percent with an average 0.7 point in the week. A year ago in the same week, 15-year, fixed-rate loans averaged 2.66 percent.

Among the shorter-duration loans, rates for five-year Treasury-indexed, hybrid adjustable-rate mortgages averaged 2.94 percent this week with an average 0.4 point. Rates a week ago averaged 2.99 percent. A year ago, they averaged 2.7 percent.

Rates for one-year, Treasury-indexed, adjustable-rate loans averaged 2.51 percent in the week, down from 2.59 percent in the previous week. One-year loans averaged 0.4 point.

Last year over the same period, rates for one-year, adjustable-rate loans averaged 2.53 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.

Related UPI Stories
Latest Headlines
Top Stories
Australia receives seventh C-17 in record time
Work to prepare Portsmouth Navy base for new carriers begins
U.S. military service buys Israeli radar for testing
Unidentified military orders SFC Energy's fuel cells
Army's Network Enterprise System at Fort Benning gets NCI supprt