Like The Herald Business Journal on Facebook!
The Herald of Everett, Washington
Customer service  |  Subscribe   |   Log in or sign up   |   Advertising information   |   Contact us

The top local business stories in your email

Contact Us:

Josh O'Connor
Phone: 425-339-3007

Maureen Bozlinski
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049

Jim Davis
Phone: 425-339-3097

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

Rate on 30-year mortgage rises to 3.63 percent

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
By Martin Crutsinger
Associated Press
WASHINGTON -- The average U.S. rate on the 30-year fixed mortgage rose this week to its highest level in seven months but remains near historic lows. Low mortgage rates have helped support the gradually recovering housing market.
Freddie Mac said Thursday that the average rate for the 30-year fixed loan rose to 3.63 percent from 3.52 percent last week.
It's the highest rate since August. But it's still near the 3.31 percent reached in November, which was the lowest on records dating to 1971.
The average rate on the 15-year fixed mortgage rose to 2.79 percent, up from 2.76 percent last week. The record low is 2.63 percent.
Cheap mortgages are encouraging more people to buy or refinance and are helping sustain the economy's recovery. The increased sales are also helping lift home prices.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through 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 30-year mortgages rose to 0.8 point, up from 0.7 point last week. The fee for 15-year loans also rose to 0.8 point from 0.7 point last week.
The average rate on a one-year adjustable-rate mortgage edged up to 2.64 percent this week from 2.63 percent last week. The fee rose to 0.4 point from 0.3 point last week.
The average rate on a five-year adjustable-rate mortgage dipped to 2.61 percent from 2.63 percent last week. The fee rose to 0.6 point from 0.5 point.
Story tags » Financial & Business ServicesReal Estate



Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus

Market roundup