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Mortgage rates hover at record lows
WASHINGTON, Average interest rates for long-term mortgages were unchanged in the week, tying a record low, the U.S. Federal Home Loan Mortgage Corp. said Thursday.
Freddie Mac said interest rates for 30-year, fixed-rate contracts held steady at 4.57 percent with an average of 0.7 points, a record low for the 39-year interest rate survey, Freddie Mac said.
Average interest rates for 15-year, fixed-rate mortgages dropped to 4.63 percent from last week's average of 4.07 percent -- also a record for the survey. Points for 15-year mortgages also averaged 0.7 during the week.
"Compared to the recent peak in 30-year fixed-rate interest rates 13 months ago, current rates are a full percentage points lower," said Frank Nothaft, Freddie Mac vice president and chief economist.
"With today's rates, homebuyers would save about $1,500 in payments each year on a $200,000 loan compared to rates last June," he said.
WASHINGTON, Average interest rates for long-term mortgages were unchanged in the week, tying a record low, the U.S. Federal Home Loan Mortgage Corp. said Thursday.
Freddie Mac said interest rates for 30-year, fixed-rate contracts held steady at 4.57 percent with an average of 0.7 points, a record low for the 39-year interest rate survey, Freddie Mac said.
Average interest rates for 15-year, fixed-rate mortgages dropped to 4.63 percent from last week's average of 4.07 percent -- also a record for the survey. Points for 15-year mortgages also averaged 0.7 during the week.
"Compared to the recent peak in 30-year fixed-rate interest rates 13 months ago, current rates are a full percentage points lower," said Frank Nothaft, Freddie Mac vice president and chief economist.
"With today's rates, homebuyers would save about $1,500 in payments each year on a $200,000 loan compared to rates last June," he said.