Mortgage rates reversed a two-week climb this week, according to Freddie Mac’s weekly mortgage survey.
Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.74 percent for the week ended today, down from last week when it averaged 5.76 percent. The average for the 15-year fixed-rate mortgage this week is 5.15 percent, down slightly from last week when it averaged 5.16 percent. Points on both the 30- and 15-year averaged 0.6.
One-year Treasury-indexed adjustable-rate mortgages averaged 4.17 percent this week, with an average 0.7 point, up from last week when they averaged 4.16 percent.
“Because long-term mortgage rates are still well below the peak levels reached last May of this year, housing starts are currently exceeding expectations,” said Frank Nothaft, Freddie Mac vice president and chief economist. “With no dramatic rise in rates on the horizon, the housing industry should continue to be healthy well into the future.
“Most economic indicators are pointing to sustainable growth in the economy and this should lead to further job creation, thereby helping more families achieve the American dream of home ownership in the years ahead.”
The following is a sampling of Bankrate’s average 30-year-mortgage interest rates this week in some U.S. metropolitan areas.
New York – 5.78 percent with 0.13 point
Los Angeles – 5.77 percent with 0.54 point
Chicago – 5.84 percent with 0.06 point
San Francisco – 5.76 percent with 0.39 point
Philadelphia – 5.76 percent with 0.29 point
Detroit – 5.73 percent with 0.25 point
Boston – 5.87 percent with no points
Houston – 5.7 percent with 0.69 point
Dallas – 5.74 percent with 0.43 point
Washington, D.C. – 5.62 percent with 0.74 point
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