Little change in mortgage rates
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Mortgage interest rates were little changed this week, according to the latest Freddie Mac survey, which showed lenders were offering 30-year fixed-rate loans at an average of 5.06%, down from 5.07% a week before.
The average rate on mortgages fixed for 15 years was unchanged at 4.39%, Freddie Mac said.
On both types of fixed mortgages, borrowers would have paid an average of 0.7% of the loan amount in upfront fees and discount points to the lender. Additional third-party fees such as appraisals are paid separately.
The five-year Treasury-indexed hybrid adjustable-rate mortgage, which has a fixed rate for the first five years, was unchanged at 4.0% with 0.6% in lender fees.
The lenders in the survey provide a combination of rates and fees they are offering on loans of up to $417,000 to well-qualified borrowers who have downpayments or home equity of at least 20%.
Solid borrowers often can obtain mortgages on slightly better terms than those in the survey, industry experts say. The website www.freerateupdate.com, which tracks wholesale loan rates available to brokers, said Thursday morning that such borrowers who paid 0.7% to 1% of the loan balance upfront to a broker could get a 30-year loan at 4.875%.
-- E. Scott Reckard
