» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 44 | NO. 7 | Friday, February 14, 2020

US mortgages flat to slightly higher; 30-year loan at 3.47%

Print | Front Page | Email this story

WASHINGTON (AP) — U.S. long-term mortgage rates were flat to slightly higher this week after three straight weeks of declines, as the historically low levels continue as an incentive for potential homebuyers.

Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year fixed-rate mortgage edged up to 3.47% from 3.45% last week. The key rate stood at 4.37% a year ago.

The average rate on a 15-year mortgage was unchanged from last week at 2.97%.

Recent signs of strength in the U.S. economy have helped boost home sales, though a record-low inventory of houses on the market has caused prices to surge as affordability has worsened.

Federal Reserve Chairman Jerome Powell told Congress this week that the U.S. economy appears durable, with steady growth and unemployment near a half-century low, but faces risks from the widening viral outbreak that began in China.

Freddie Mac surveys lenders nationwide between Monday and Wednesday each week to compile its mortgage rate figures. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The average fee on 30-year fixed-rate mortgages was unchanged from last week at 0.7 point. The average fee for the 15-year mortgage rose to 0.8 from 0.7 point.

The average rate for a five-year adjustable-rate mortgage fell to 3.28% from 3.32% last week. The fee increased to 0.3 point from 0.2 point.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0