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Long-term U.S. mortgage rates slid this week from their highest levels
of 2017. The Total Investment &
Insurance Solutions
Mortgage
buyer Freddie Mac said Thursday that the rate on 30-year, fixed-rate home loans
fell to 4.23 percent from 4.30 percent last week. The benchmark rate stood at
3.71 percent a year ago and averaged 3.65 percent in 2016, lowest in records
dating to 1971.
The
rate on 15-year mortgages tumbled to 3.44 percent from 3.50 percent.
Last
week's rates were the highest of 2017.
Mortgage
rates rose sharply after the Nov. 8 election. Investors bid rates up because
they expect President Trump's plans to cut taxes and increase spending on
defense and infrastructure to push economic growth and inflation higher. The Total Investment & Insurance
Solutions
The
Federal Reserve last week raised short-term rates for only the third time since
2006, a vote of confidence in the health of the U.S. economy. The Total Investment & Insurance
Solutions
To
calculate average mortgage rates, Freddie Mac surveys lenders across the
country between Monday and 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 a 30-year mortgage was unchanged this week at 0.5 point. The
fee on 15-year loans also remained at 0.5 point. The Total Investment & Insurance Solutions
Rates
on adjustable five-year loans tumbled to 3.24 percent from 3.28 percent last
week. The fee remained at 0.4 point.The
Total Investment & Insurance Solutions
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