Skip to main content
Advertising

Originally published July 3, 2014 at 9:27 AM | Page modified July 3, 2014 at 2:13 PM

  • Share:
           
  • Comments
  • Print

Average rate on 30-year mortgages dips this week

Average U.S. mortgage rates are near historically low levels.


AP Economics Writer

advertising

WASHINGTON —

Average U.S. mortgage rates are near historically low levels.

Mortgage company Freddie Mac said Thursday that the nationwide average rate for a 30-year loan dipped to 4.12 percent, down from 4.14 last week. The average for the 15-year mortgage, which had taken a big dip the previous week, was unchanged this week at 3.22 percent.

Rates on one-year adjustable mortgages averaged 2.38 percent this week, down from 2.40 percent last week.

Mortgage rates are slightly lower than they were at the same time last year, having fallen recently after climbing last summer when the Federal Reserve began talking about trimming back the monthly bond purchases it has been using to keep long-term rates low.

At 4.12 percent, the rate on 30-year mortgages is down from 4.53 percent at the beginning of this year. Rates have fallen modestly this year as Fed officials have sent strong signals that while they are trimming their monthly bond purchases, they are in no rush to start boosting a key short-term rate the Fed controls.

To calculate average mortgage rate, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was 0.5 point this week, the same as last week. The fee for a 15-year loan, popular in refinancing, was also 0.5 point, unchanged from last week.

The fee on a one-year adjustable rate mortgage was 0.4 point, unchanged from last week.

The average rate on a five-year adjustable rate mortgage was 2.98 percent, unchanged from last week. The fee was 0.4 point, up from 0.3 point last week.



Want unlimited access to seattletimes.com? Subscribe now!

Also in Business & Technology

News where, when and how you want it

Email Icon

Get ready for 2015

Get ready for 2015

The Seattle Times 12-month wall calendar features hand-picked photos of life in the Pacific Northwest. Order while supplies last!

Advertising

Advertising

The Seattle Times Historical Archives

Browse our newspaper page archives from 1900-1984


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►
The Seattle Times

To keep reading, you need a subscription upgrade.

We hope you have enjoyed your complimentary access. For unlimited seattletimes.com access, please upgrade your digital subscription.

Call customer service at 1.800.542.0820 for assistance with your upgrade or questions about your subscriber status.

The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Activate Subscriber Account ►