Average US 30-year mortgage rate slips to 4.17 per cent
Posted February 9, 2017 7:34 am.
Last Updated February 9, 2017 10:40 am.
This article is more than 5 years old.
WASHINGTON – Long-term US mortgage rates eased slightly this week.
Mortgage buyer Freddie Mac said Thursday the rate on 30-year fixed-rate loans slipped to an average 4.17 per cent from 4.19 per cent last week. That was still sharply higher than a 30-year rate that averaged 3.65 per cent for all of 2016, the lowest level recorded from records going back to 1971. A year ago, the benchmark rate stood at 3.65 per cent.
The average for a 15-year mortgage declined to 3.39 per cent from 3.41 per cent last week.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 per cent of the loan amount.
The average fee for a 30-year mortgage fell this week to 0.4 point from 0.5 point. The fee on 15-year loans also declined to 0.4 point from 0.5 point.
Rates on adjustable five-year loans eased to 3.21 per cent from 3.23 per cent. The fee remained at 0.4 point.
