USA Today reported that the average rates of 30-year and 15-year fixed-rate mortgages remained unchanged for the second week in a row. Both rates stayed at near-record lows, which contributed to a surge in home sales.
Today, Freddie Mac announced that the rate on 30-year loans averaged 3.53%, the lowest since it was at 3.31% in November 2012. The rates on 15-year fixed mortgages also stayed the same at 2.77%. Although it is still considered low, it is still off the record low of 2.63%.
Meanwhile, adjustable rates for one-year mortgages rose from 2.53% last week to 2.61% this week. The average rate on five-year adjustable-rate mortgages saw a small increase to 2.64% this week, compared to 2.63% the previous week.
The average fee for 30-year loans was the same at 0.8 point. The fee for 15-year mortgages was 0.8 point, up from 0.7 point last week, but the one-year adjustable-rate mortgage fee fell from 0.4 point last week to 0.3 this week. (One point equals 1% of the loan amount.)
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