Thursday, April 16, 2015

Average US Rate on 30-Year Mortgage Edges up to 3.67 Percent

According to AP: Average long-term U.S. mortgage rates rose slightly this week but remained close to historically low levels with the spring home-buying season underway.

Mortgage giant Freddie Mac said Thursday the national average for a 30-year fixed-rate mortgage edged up to 3.67 percent from 3.66 percent last week.

The average rate for a 15-year mortgage, popular with homeowners who refinance, rose to 2.94 percent from 2.93 percent last week.

A year ago, the average 30-year mortgage rate was 4.27 percent and the 15-year rate was 3.33 percent.

The 30-year average rate reached a record low of 3.35 percent in November and December 2012, when the 15-year rate hit a record-low 2.66 percent.

Mortgage rates have remained low even though the Federal Reserve last October ended its monthly bond purchases, designed to hold down long-term rates. The Fed signaled recently that it's still not ready to start raising short-term rates, after keeping them near zero for more than six years.

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