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

Snohomish inventor makes changing beds magical

He hopes to make his big push in the hotel industry, where injuries to housekeepers are increasing.

Boeing planes designed for Alaska to make final flights

The special Boeing 737-400s carry cargo in the middle of the plane and 72 passengers in the rear.

Boeing creates a Renton office to oversee its new airplane

Experts expect the company to make a formal 797 launch decision no later than next year.

Equifax dumps its CEO after the damaging data breach

Many applauded Equifax’s handling of the problem, but management was under fire for lax security.

Job fair planned for Tulalip community members

Tulalip Tribes Employment is holding an employment clinic from 9 to 11:30… Continue reading

New memory care community opens in Mukilteo

Health care insurance is the next topic on KSER’s monthly personal finance… Continue reading

Marysville Tulalip chamber plans to host candidates forum

The next Greater Marysville Tulalip Chamber of Commerce Business Before Hours event… Continue reading

Adidas exec, 4 coaches charged in college bribery scheme

Prosecutors said at least 3 recruits were promised up to $150K to attend schools Adidas sponsored.

New US sanctions hit 8 North Korean banks, 26 bank workers

The sanctions are part of an effort to use economic pressure and diplomacy to end the nuclear crisis.

Most Read