30- year fixed rate edges higher
Mortgage rates are looking stable amid an improving housing market, with Freddie Mac’s latest survey showing that lenders were offering 30- year fixedrate home loans this week at an average interest rate of 4.02%, up from 4% a week ago.
The average rate for a 15year fixed mortgage slipped from 3.23% to 3.21%. The start rates for adjustable mortgages also fell slightly.
Although higher than recent levels — Freddie’s weekly survey showed the 30- year average at less than 3.6% at one point in January — the rates are still very low by historical standards and lower than a year ago, when the 30- year loan averaged 4.14%
Borrowers would have paid an average of 0.7% of the loan balance in upfront lender fees and discount points to obtain the 30- year fixedrate loan in the latest survey.