Friday, November 21st3.5°C
24124
23883

Average US mortgage rates decline slightly this week with 30-year dropping to 4.13 per cent

WASHINGTON - Average U.S. mortgage rates declined slightly this week with rates remaining near historic lows.

Mortgage company Freddie Mac reported Thursday that the nationwide average for a 30-year loan dipped to 4.13 per cent, down from 4.15 per cent last week. The average for the 15-year mortgage, a popular choice for people who are refinancing, edged down to 3.23 per cent, compared with 3.24 per cent last week.

Mortgage rates are below the levels of a year ago, having fallen in recent weeks after climbing last summer when the Federal Reserve began talking about reducing the monthly bond purchases it was making to keep long-term rates low.

Rates on one-year adjustable rate mortgages were 2.39 per cent this week, down from 2.40 per cent last week, while rates on five-year adjustable rate mortgages were 2.97 per cent, down from 2.99 per cent last week.

At 4.13 per cent, the rate on a 30-year mortgage is down from 4.53 per cent at the beginning of this year. Rates have fallen modestly even though the Fed has been trimming its monthly bond purchases. Fed Chair Janet Yellen told Congress this week that the purchases will likely end altogether at the end of October.

But at the same time, Yellen said during congressional testimony that the Fed still sees the need to keep its benchmark short-term rate at a record low near zero to give the economy support.

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 per cent of the loan amount.

The average fee for a 30-year mortgage was 0.6 point, down from 0.7 point last week. The fee for a 15-year mortgage was 0.5 point, down from 0.6 point last week.

The average charge for a five-year adjustable rate mortgage was 0.4 point, unchanged from last week. For a one-year ARM, the charge was also 0.4 point, also unchanged from last week.

The Canadian Press


Read more Business News

22970


Recent Trending




Today's Market
S&P TSX15111.71+36.53
S&P CDNX790.747.17
DJIA17801.4482.44
Nasdaq4713.779+11.911
S&P 5002062.10+9.35
CDN Dollar0.8898+0.0056
Gold1201.10+10.20
Oil76.49+0.64
Lumber331.50+4.50
Natural Gas4.275-0.214

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.28+0.01
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.70+0.90
Copper Mountain Mining2.22+0.04
Colorado Resources0.140.00
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
23744


23954

FEATURED Property
20872584361 Edinburgh Court
5 bedrooms 3 baths
$549,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24158

24024


Member of BC Press Council


23946