Average U.S. 30 year mortgage rate falls to 4.12 percent
Freddie Mac said the rate on 30-year fixed-rate loans eased to an average 4.12 percent from 4.20 percent last week.
That was still sharply higher than a 30-year rate that averaged 3.65 percent for all of 2016, the lowest level recorded from records going back to 1971. A year ago, the benchmark rate stood at 3.92 percent.
The average for a 15-year mortgage declined to 3.37 percent from 3.44 percent 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 percent of the loan amount.
The average fee for a 30-year mortgage was unchanged this week at 0.5 point. The fee on 15-year loans also remained at 0.5 point.
Rates on adjustable five-year loans fell to 3.23 percent from 3.33 percent. The fee increased to 0.5 point from 0.4 point. ■