What are Today's 30 year Fixed Mortgage RatesSo what are today's 30-year fixed mortgage rates?
WHATINGTON - US long-term mortgage rates dropped this weekend for the second consecutive weeks, with relatively lower rates still not triggering home selling. Mortgagor Freddie Mac said Thursday the moving averages rate on 30-year, fixed-rate mortgages plunged to 4.53 per cent from 4.59 per cent last week. 4.59 per cent of mortgage buyers said the move was due to a change in the market environment. 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 fixed 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.
Rates today - Actual interest rates
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