Long-term mortgage rates unchanged: 30-year at 3.83 per cent | iNFOnews | Thompson-Okanagan's News Source

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Long-term mortgage rates unchanged: 30-year at 3.83 per cent

This Wednesday, Sept. 6, 2017, photo shows a "For Sale" sign in the front yard of a home in Raeford, N.C. On Thursday, Sept. 28, 2017, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Swayne B. Hall)
September 28, 2017 - 8:12 AM

WASHINGTON - Long-term mortgage rates were unchanged this week: The 30-year fixed-rate mortgage remained at 3.83 per cent; the 15-year home loan, popular among homeowners who refinance their mortgages, stayed at 3.13 per cent, mortgage buyer Freddie Mac said Thursday.

Rates on long-term home loans typically track the yield on 10-year Treasury notes, which barely budged this week.

Two weeks ago, the 30-year mortgage hit a low for the year before bouncing back up last week. So far this year, the 30-year rate is running above last year's average of 3.65 per cent.

Freddie Mac says the rate on adjustable five-year mortgages blipped up to 3.20 per cent, from 3.17 per cent.

To calculate average mortgage rates, 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 per cent of the loan amount.

The average fee for a 30-year mortgage rose to 0.6 point from 0.5 point. The fee on 15-year home loans remained at 0.5 point. The fee on an adjustable five-year mortgage rose to 0.5 point from 0.4 point.

News from © The Associated Press, 2017
The Associated Press

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