Average 30-year mortgage rate remains above 4%, Freddie Mac says
The typical rate for a 30-year mortgage has leveled off at a bit over 4%, a widely watched survey shows.
Lenders were offering the standard 30-year home loan at an average of 4.11% early this week, a statistically insignificant drop from 4.12% last week, Freddie Mac said Thursday.
The week before last, the survey showed the average lender offering rate at 3.94% -- the first reading under 4% in the 40-year history of the Freddie Mac survey. Not surprisingly, applications for mortgages have tailed off with the increase in the rate, a separate Mortgage Bankers Assn. report showed.
In the latest Freddie Mac rate survey, the 15-year fixed home loan averaged 3.38%, up from 3.37%. Borrowers would have paid an average 0.8% of the loan amount in fees and discount points to obtain the rates on the 15- and 30-year mortgages, Freddie said.
The survey asks lenders for popular combinations of rates and fees they are offering to borrowers who have good credit and can make at least 20% down payments or have at least 20% equity in homes they are refinancing.
--E. Scott Reckard
Photo: Freddie Mac says lenders were offering the standard 30-year home loan at an average of 4.11% early this week, a statistically insignificant drop from last week. Credit: Pablo Martinez Monsivais / Associated Press