Mortgage rates: Steady as she goes
Amid mixed economic news, long-term mortgage rates are little changed for the fourth week in a row, with lenders offering 30-year fixed-rate home loans to solid borrowers at an average of 4.51%, according to the latest Freddie Mac survey.
That compared with 4.50% a week earlier in the survey, which Freddie Mac releases every Thursday.
The rate for 15-year fixed mortgages was unchanged at 3.69%.
Borrowers obtaining the 30-year and 15-year mortgages on average would have paid 0.7% of the loan amount in upfront fees and points to the lender, with additional costs for third-party services such as appraisals.
Rates for adjustable mortgages fell slightly, according to Freddie Mac, which asks lenders what rates they are offering to solid borrowers who have 20% down payments or 20% home equity if they are refinancing.
The 30-year mortgage rate started June at an average 4.55% and then dipped to within a hair of 4.5% for the rest of the month.
By historical standards, that is extremely low for such a long-term home loan. Freddie Mac's historical tables show the rate was above 5% back in mid-February.
-- E. Scott Reckard
Photo: Freddie Mac headquarters in McLean, Va. Credit: Freddie Mac