Tags: US | Mortgage | Rates

Freddie Mac: Mortgage Rates Rise From Yearly Lows

Thursday, 03 Jun 2010 10:40 AM

Rates on 30-year fixed mortgages ticked up this week from the lowest level of the year.

Freddie Mac said Thursday that the average rate rose to 4.79 percent, up from 4.78 percent last week. A year ago, the rate averaged 5.29 percent.

Rates dropped to a record low of 4.71 percent in December, pushed down by a Federal Reserve program that reduced borrowing costs for consumers. That campaign ended in March.

Rates have fallen further as investors, wary of European turmoil, shifted money into the safety of U.S. Treasury bonds. Mortgage rates tend to track the interest rates paid on long-term Treasury bonds.

The average rate on a 15-year fixed-rate mortgage hit a record low of 4.20 percent, down from 4.21 percent last week. The 15-year fixed-rate mortgage is a popular choice for refinancing.

Rates on five-year, adjustable-rate mortgages averaged 3.94 percent, down from 3.97 percent a week earlier. Rates on one-year, adjustable-rate mortgages were unchanged at 3.95 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

The nationwide fee for loans in Freddie Mac's survey averaged 0.8 of a point for 30-year fixed-rate loans and 0.7 of a point for 5-year, 5-year loans and 1-year loans.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
1Like our page
2Share
Headline
Rates on 30-year fixed mortgages ticked up this week from the lowest level of the year.Freddie Mac said Thursday that the average rate rose to 4.79 percent, up from 4.78 percent last week. A year ago, the rate averaged 5.29 percent.Rates dropped to a record low of 4.71...
US,Mortgage,Rates
228
2010-40-03
Thursday, 03 Jun 2010 10:40 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved