facebook
twitter
rss
account
search
search
 

Mortgage rates decline in week

Feb. 6, 2014 at 11:57 AM   |   Comments

| License Photo
WASHINGTON, Feb. 6 (UPI) -- Interest rates on mortgage loans dropped for the fourth consecutive week, due to weak economic data, the Federal Home Loan Mortgage Corp. said Thursday.

Average rates on 30-year fixed-rate loans slid from 4.32 percent to 4.23 percent with 0.7 points in the week, Freddie Mac said.

A year ago, 30-year fixed-rate loans were priced at 3.53 percent.

Average interest rates on 15-year fixed-rate loans dropped from 3.4 percent to 3.33 percent with 0.7 point. A year ago, these loans averaged 2.77 percent.

Rates on five-year adjustable loans averaged 3.08 percent, down from 3.12 percent in the previous week and up from 2.63 percent in the same week a year ago.

For one-year, adjustable rate loans, rates averaged 2.51 percent, down from 2.55 percent. One year prior rates for adjustable one-year loans averaged 2.53 percent.

Rates slipped "following the release of weaker housing data," said Freddie Mac Chief Economist Frank Nothaft.

Pending home sales fell 8.7 percent in December to the lowest level since October 2011. In addition, fixed residential investment negatively contributed to the gross domestic product in the fourth quarter for the first time since the third quarter of 2010, Nothaft said.

© 2014 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
Tesla could face sales ban in Michigan Tesla could face sales ban in Michigan
2
Early completion of refit of Italian aircraft carrier Early completion of refit of Italian aircraft carrier
3
British Reaper UAVs join the fight against Islamic State British Reaper UAVs join the fight against Islamic State
4
Russia doesn't fear Azeri gas, scholar says Russia doesn't fear Azeri gas, scholar says
5
Saudis probe oil pipeline blaze Saudis probe oil pipeline blaze
Trending News
Around the Web
x
Feedback