US mortgage rates fall slightly; 30 years to 4.85 percent
US mortgage rates fall slightly; 30 years to 4.85 percent
US mortgage rates UU In the long term, they decreased slightly this week, pausing after weeks of constant increases triggered by rising interest rates.
Mortgage loan rates remain at their highest levels in more than seven years, with a key 30-year rate approaching 5 percent. Mortgage buyer Freddie Mac said Thursday that the 30-year fixed-rate mortgage rate fell to an average of 4.85 percent this week from 4.90 percent last week.
Last week's average was the highest level for the benchmark rate since the spring of 2011. A year ago, it stood at 3.88 percent.
The average rate for 15-year fixed-rate loans fell to 4.26 percent this week from 4.29 percent last week.
The anxiety over the increase in interest rates, a consequence of a strong economy, has affected financial markets in recent weeks and has spread to the housing market.
The combination of higher borrowing costs and rising housing prices has made homeownership less affordable.
Interest rates on Treasuries, which rose to seven-year highs last week as their prices fell, held steady this week. The yield on the 10-year Treasury note, which may influence mortgage rates, was 3.15 percent on Wednesday, compared to 3.16 percent last week.
The rise in interest rates has caused mortgage payments to increase twice as fast as house values, with typical monthly payments now 15.4 percent higher than a year ago, the company said on Wednesday. Zillow real estate data in a research note. Taking into account the 6.5 percent increase in home values, it now costs around $ 118 a month to buy the same house today compared to the previous year.
However, "the economy and consumer sentiment remain very strong, and that will maintain the (domestic) purchase demand, particularly in affordable markets and neighborhoods," said Freddie Mac's chief economist, Sam Khater.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday of each week.
The average does not include additional fees, known as points, that most borrowers must pay to get the lowest rates.
The average rate of 30-year fixed-rate mortgages remained unchanged from last week at 0.5 points. The commission on 15-year mortgages fell to 0.4 points from 0.5 points.
The average rate for five-year adjustable-rate mortgages increased to 4.10 percent from 4.07 percent last week. The rate remained stable at 0.3 points.
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