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Mortgage rates: Steady as she goes

June 30, 2011 |  8:10 am

Freddie Mac headquarters

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.

RELATED:

Three big banks lose mortgage modification incentives

Home prices up in April for the first time in eight months

Countrywide mortgage woes still taking toll on Bank of America

-- E. Scott Reckard

Photo: Freddie Mac headquarters in McLean, Va. Credit: Freddie Mac

 

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