Freddie Mac: Mortgage rates little changed this week
Mortgage rates held steady this week, with lenders offering 30-year fixed-rate loans at 4.88% on average and 15-year fixed loans at 4.15%, Freddie Mac reported in its latest weekly survey.
The borrowers would have paid 0.7% of the loan balance in upfront lender fees and discount points to obtain the rates, Freddie Mac said Thursday.
The 30-year mortgage rate, which twice dipped to less than 4.2% last fall in the Freddie survey, climbed back above 5% in mid-February before again dropping below 5%.
Freddie, the giant loan buyer and issuer of mortgage bonds, nearly collapsed during the financial crisis. It was made a ward of the government to support the housing markets, and loans backed by Freddie, government-controlled Fannie Mae and the Federal Housing Administration now make up 95% of the mortgage business.
The Freddie Mac survey is conducted each Monday through Wednesday. It asks lenders to report popular combinations of rates and fees on loans of up to $417,000 that they are offering to borrowers with good credit, a 20% down payment or 20% home equity, and enough provable income to make the loan payments.
Well-qualified borrowers who shop around often find slightly better deals, and it's possible to pay more upfront to get a lower rate.
-- E. Scott Reckard