Longer-term mortgage rates slip for 2nd straight week
FILE - In this Tuesday, May 16, 2017, file photo, a sign advertises that an existing home for sale is under contract in Roswell, Ga. On Thursday, Nov. 30, 2017, Freddie Mac reports on the week‚Äôs average U.S. mortgage rates. (AP Photo/John Bazemore, File)
November 30, 2017 - 8:42 AM
WASHINGTON - Long-term mortgage rates slipped this week, though shorter-term rates rose in response to better economic news that made it more likely the Federal Reserve will hike rates in December.
The rate on the benchmark 30-year, fixed-rate mortgage slipped to 3.9 per cent from 3.92 per cent last week, mortgage giant Freddie Mac said. The 15-year, fixed-rate mortgage, popular among homeowners seeking to refinance, also declined 0.02 percentage points, to 3.3 per cent.
The five-year adjustable mortgage rate jumped to 3.32 per cent, from 3.22 per cent last week. That increase followed bullish comments on the economy by Fed chair Janet Yellen.
Mortgage rates have mostly fallen in the past 12 months, even as the Fed has lifted short-term rates. A year ago, the 30-year rate was 4.08 per cent and the 15-year at 3.34 per cent.
The 30-year rate is still above last year's average of 3.65 per cent. But any rate below 4 per cent is low by historical standards.
News from © The Associated Press, 2017