Average US 30-year mortgage rises to 4.48 pct. - 21 News Now, More Local News for Youngstown, Ohio -

Average US 30-year mortgage rises to 4.48 pct.

Posted: Updated:

WASHINGTON (AP) - Average U.S. rates for fixed mortgages crept higher this week but remained low by historical standards.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan increased to 4.48 percent from 4.47 percent last week. The average on the 15-year fixed loan rose to 3.52 percent from 3.51 percent.

Mortgage rates peaked at 4.6 percent in August on expectations that the Federal Reserve would reduce its $85 billion-a-month in bond purchases. Those purchases push mortgage and other long-term rates lower and encourage borrowing and spending. On Dec. 18, the Fed finally decided the economy was strong enough to allow it to reduce the monthly purchases by $10 billion.

Mortgage rates are sharply higher than they were a year ago when the 30-year fixed rate was 3.35 percent and the 15-year was 2.65 percent.

The Commerce Department reported Tuesday that new-home sales dipped 2.1 percent in November to a seasonally adjusted 464,000. But stronger figures for the previous three months suggested that housing may be regaining strength after a summer lull.

The National Association of Realtors said last week that the number of people who bought existing homes in November fell for a third straight month. Higher rates and the lingering effects of the partial government shutdown in October may have deterred some sales.

Still, the government said builders broke ground on homes at a seasonally adjusted annual rate of 1.09 million homes and apartments in November. That was the fastest pace since February 2008 and was 23 percent higher than in October.

To calculate average mortgage rates, Freddie Mac 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 0.7 point. The fee for a 15-year loan was 0.7 point.

The average rate on a one-year adjustable-rate mortgage slipped to 2.56 percent from 2.57 percent last week. The fee was 0.5 point.

The average rate on a five-year adjustable mortgage rose to 3 percent from 2.96 percent. The fee was 0.4 point.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • More From wfmj.comMore>>

  • Police: Couple used dog to lure 2 Amish girls

    Police: Couple used dog to lure 2 Amish girls

    Thursday, August 21 2014 10:04 PM EDT2014-08-22 02:04:19 GMT
    A woman accused along with her boyfriend of abducting and sexually abusing two young Amish sisters is due in court for a preliminary hearing.More >>
    A northern New York couple used a dog to lure two Amish sisters from their family farm stand with a plan to turn them into slaves, an investigator said Thursday.More >>
  • State won't sell naming rights for Ohio Turnpike

    State won't sell naming rights for Ohio Turnpike

    Thursday, August 21 2014 9:30 PM EDT2014-08-22 01:30:13 GMT
    Ohio will pursue opportunities to collect revenue through sponsorships along the state turnpike but will not sell naming rights for the 241-mile toll road.More >>
    Ohio will pursue opportunities to collect revenue through sponsorships along the state turnpike but will not sell naming rights for the 241-mile toll road.
    More >>
  • Ohio State president meets with band leaders

    Ohio State president meets with band leaders

    Thursday, August 21 2014 9:23 PM EDT2014-08-22 01:23:42 GMT
    Courtesy:  NBC NewsCourtesy: NBC News
    Student and staff leaders of the Ohio State marching band have met with the university's president to share concerns over the firing of a popular band directorMore >>
    Student and staff leaders of the Ohio State marching band have met with the university's president to share concerns over the firing of a popular band directorMore >>
Powered by WorldNow
All content © Copyright 2000 - 2014 Worldnow and WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms