Us Mortgage RatesMortgage rates
ASHINGTON (AP) - Long-term US mortgage rates dropped this week for the second just weeks, with relatively lower interest rates that continue to spark house sells failing. Mortgagor Freddie Mac said Thursday the moving rate on 30-year, fixed-rate mortgage dropped to 4.53 per cent from 4.59 per cent last week. 4.59 per cent of the total mortgage portfolio was in the hands of a mortgagee. Longgterm interest rates on loans are at their highest level for seven years.
On May 24, the 30-year mean index peaked this year at 4.66 per cent. On the other hand, the ratio a year ago was 3.89 per cent. Mean rates for 15-year fixed-rate borrowings dropped to 4.01 per cent this weekend from 4.05 per cent last week. 15-year fixed-rate borrowings were down from 4.01 per cent last year. Despite higher rates of inflation and unrest on the global finance market, mortgage interest rates have largely stayed constant since last year.
However, the break in lending rates "does not lead to increased home sales," said Freddie Mac head economist Sam Khater. Soaring house prices, scarce stocks of affordably priced housing and historic higher mortgage rates are to blame, Khater said. In order to determine mortgage rates, Freddie Mac asks creditors across the nation between Monday and Wednesday per week.
Averages do not involve additional charges, known as points, which most borrower have to owe to get the cheapest interest. Compared to last weeks figure, the mean charge for 30-year solid mortgage loans stayed at 0.5 points. Likewise, the 15-year mortgage charge stayed at 0.5 points. A five-year floating interest mortgage declined to 3.87 per cent, down from 3.90 per cent last weekend.
US mortgage interest rate on a par with the previous year falls; 30-year-old at 4.51 per cent
US long-term mortgage rates dropped for the third time in a row this weekend, but are still significantly higher than a year ago. ASHINGTON (AP) - US long-term mortgage rates dropped for the third time in a row this weekend, but still significantly higher than a year ago. Hypothecary purchaser Freddie Mac says the moving average price on 30-year, fixed-rate mortgages had ticked down to 4.51 per cent from 4.53 per cent last week. 4.53 per cent of mortgage buyers had bought a mortgage at the end of last year.
One year ago, the mean was 3.86 per cent. Interest rates on housing construction mortgages are at their highest level for seven years, but below the long-term historical averages. Mean rates for 15-year fixed-rate borrowings dropped to 3.98 per cent this weekend from 4.01 per cent last week. 15-year fixed-rate borrowings were down from 4.01 per cent last week to 3.98 per cent this year.