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U.S. mortgage rates staying steady this week

Jan. 9, 2014 at 9:26 PM

WASHINGTON, Jan. 9 (UPI) -- A week light on economic reports is keeping long-term mortgage lending rates stable, the Federal Home Loan Mortgage Corp. said Thursday.

Rates for 30-year, fixed-rate mortgages slipped from 4.53 percent to 4.51 percent with an average 0.7 point in the past week.

A year ago, rates for 30-year, fixed-rate mortgages averaged 3.4 percent.

Rates for 15-year, fixed-rate mortgages rose from 3.55 percent to 3.56 percent with an average 0.6 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 3.15 percent this week with an average 0.4 point. Rates a week ago averaged 3.05 percent. A year ago, they averaged 2.67 percent.

Rates for one-year, Treasury-indexed, adjustable-rate loans averaged 2.56 percent in the week with 0.5 points, unchanged from the previous week for the second consecutive week.

Last year over the same period, rates for one-year, adjustable-rate loans averaged 2.6 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.

Economic reports, were light, but generally positive, noted Frank Nothaft, Freddie Mac's vice president and chief economist.

Automatic Data Processing Inc. reported 238,000 private jobs were added to the economy in December. The Institute of Supply Management announced faster-than-expected growth in service oriented firms.

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