Average Mortgage Rates by yearAnnual average mortgage interest rates
ASHINGTON (AP) - US long-term mortgage rates climbed for the second consecutive weeks and continued to curb the outlook for prospective real estate buyers. Hypothecary purchaser Freddie Mac said Thursday the average price on 30-year, fixed-rate mortgages leapt to 4.60 per cent this week from 4.54 per cent last week. 4.54 per cent of mortgage buyers said the average price on 30-year mortgage loans fell to 4.60 per cent this past weekend. Longgterm interest rates on loans are at their highest level for seven years.
On May 24, the average 30-year performance index peaked this year at 4.66 per cent. On the other hand, the ratio a year ago was 3.93 per cent. Average rates for 15-year fixed-rate borrowings rose to 4.08 per cent this weekend, up from 4.02 per cent last week. 15-year fixed-rate borrowings were up 4.08 per cent this year. High mortgage rates in combination with constantly increasing house rates have dampened house selling this summers despite the strong economic situation and the labour markets.
On Wednesday, the Federal Reserve did not change its interest rates, but signalled further increases over the coming month as long as the economic situation remains sound. With US government bond yields down, the 10-year benchmarks climbed to 3 per cent this weekend for the first consecutive month since mid-June.
On Thursday mornings, the figure was 2.99 per cent. Increased returns on treasuries tends to increase interest rates on mortgage and other credit. In order to compute the average mortgage rates, Freddie Mac interviews creditors across the nation between Monday and Wednesday per week. Here's a list of the mortgage rates that Freddie Mac uses. This average does not involve any additional charges, known as points, which most borrower have to owe to get the cheapest interest.
Average 30-year term mortgage charge fell to 0.4 points from 0.5 points last weekend. For 15-year old mortgage, the charge remained at 0.4 points. Average five-year floating interest mortgage rates increased to 3.93 per cent, up from 3.87 per cent last weekend.
US average mortgage interest rates rising; 30-year-old at 4.65 per cent
US long-term mortgage rates have risen for the forth time in a row, with the base interest for 30 years at its highest since May. Mortgagor Freddie Mac said Thursday that the average price on 30-year, fixed-rate mortgage loans leapt to 4.65 per cent, from 4.60 per cent last weekend. Average ratios rose from 3.83 per cent in the previous year.
Average rates for 15-year fixed-rate borrowings increased to 4.11 per cent this weekend from 4.06 per cent last week. 15-year fixed-rate borrowings were up 4 per cent this year. Key drivers of higher interest rates have included the strength of the US economies, trading spreads between the US and other nations, and the US administration increasing the sale of its debts, Freddie Mac's head Economist Sam Khater said.
Enlarged US asset purchases are suppressing government bonds and driving interest rates higher. Returns on the most important 10-year Treasury grade are over 3 per cent and approach a seven-year high. Yields rose to 3.08 per cent on Wednesday, up from 2.96 per cent in the previous weeks. The figure was 3.08 per cent on Thursday mornings.
Higher mortgage rates "pose a continuing challenge to potential purchasers, especially first-time buyers," Khater said. In order to compute the average mortgage rates, Freddie Mac interviews creditors across the nation between Monday and Wednesday per week. Here's a list of the mortgage rates that Freddie Mac uses. This average does not involve any additional charges, known as points, which most borrower have to owe to get the cheapest interest.
Average fees for 30-year firm mortgage loans stayed at 0.5 points, the same as last year. Mortgage fees for 15-year-old loans also stayed at 0.5 points. Average five-year floating interest mortgage rates fell to 3.92 per cent, down from 3.93 per cent last weekend.