Rate on 30-year mortgage rises to 3.63 percent

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.

More in Herald Business Journal

Camano artist mixes flask, paintings for successful cocktail

Art flasks prove popular as bachelorette gifts, birthday presents and wedding favors.

Pentagon inspector general praises secret $80 billion bomber

US Government Accountability Office in 2016 rejected a protest filed by Boeing-Lockheed Martin.

Everett’s Sentry Credit celebrates a quarter century in business

Sentry Credit Inc. in Everett is celebrating its 25th year in business.… Continue reading

Funko donates hundreds of Pop! Heroes to Christmas House

Everett’s toy and collectibles maker Funko has donated hundreds of its Pop!… Continue reading

Donate coats for Clothes for Kids of Snohomish County

Washington Energy Services is conducting a local coat drive to benefit Clothes… Continue reading

Seattle Premium Outlets extend hours over Thanksgiving holiday

Seattle Premium Outlets will be offering extended Black Friday shopping hours in… Continue reading

Equipment rental and sales business H&E opens Mukilteo shop

Company hopes to capitalize on construction occuring in northwest Washington.

New Chick-fil-A draws dozens of campers in Bothell

A second restaurant of the popular chain is opening on Thursday.

Tulalip Resort Casino to feature locally grown hazelnuts

The resort wanted to put a focus on meals created with the nut.

Most Read