30-year U.S. mort­gage rate edges lower

Northwest Arkansas Democrat-Gazette - - BUSI­NESS & FARM - — The As­so­ci­ated Press

WASH­ING­TON — Long-term U.S. mort­gage rates were un­changed to slightly lower this week, con­tin­u­ing a pat­tern of lit­tle move­ment in re­cent weeks.

Mort­gage buyer Fred­die Mac said Thurs­day that the rate on 30-year, fixed-rate mort­gages de­clined to 3.90 per­cent from 3.93 per­cent last week. While his­tor­i­cally low, that’s still above last year’s av­er­age of 3.65 per­cent. The bench­mark rate stood at 3.45 per­cent a year ago.

The rate on 15-year, fixed-rate home loans, pop­u­lar with homeowners who are re­fi­nanc­ing their mort­gages, held steady at 3.18 per­cent.

To cal­cu­late av­er­age mort­gage rates, Fred­die Mac, the Federal Home Loan Mort­gage Corp., sur­veys len­ders across the coun­try be­tween Mon­day and Wed­nes­day each week. The av­er­age doesn’t in­clude ex­tra fees, known as points, which most bor­row­ers must pay to get the low­est rates. One point equals 1 per­cent of the loan amount.

The av­er­age fee for a 30-year mort­gage was 0.5 point, un­changed from last week. The fee on 15-year loans also held steady at 0.5 point.

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