US long-term mortgage rates up for 4th week; 30-year 4.20%

In this Friday, April 12, 2019 photo, a sold sign is shown in front of a home in Surfside, Fla. On Thursday, April 25, Freddie Mac reports on this week’s average U.S. mortgage rates.(AP Photo/Wilfredo Lee)

WASHINGTON — U.S. long-term mortgage rates rose this week for the fourth straight week, though they remain historically low as a spur to home sales in the spring buying season.

Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year, fixed-rate mortgage increased to 4.20% from 4.17% last week. By contrast, a year ago the benchmark rate stood at 4.58%.

The average rate for 15-year, fixed-rate home loans rose this week to 3.64% from 3.62% last week.

After peaking at nearly 5% in November, long-term rates started trending downward, helping to boost home sales after a rocky 2018.

Despite the recent increases, lower borrowing rates and improved affordability of homes "should push housing activity higher in the coming months," said Freddie Mac chief economist Sam Khater.

Freddie Mac surveys lenders across the country between Monday and Wednesday each week to compile its mortgage rate figures.

The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The average fee on 30-year fixed-rate mortgages was unchanged this week at 0.5 point.

The average fee for the 15-year mortgage also remained at 0.5 point.

The average rate for five-year adjustable-rate mortgages slipped to 3.77% from 3.78% last week. The fee rose to 0.4 point from 0.3 point.

Must Read

With father in tow, Kaine seeks support from...

Aug 23, 2016

Tasked with shoring up union support for Hillary Clinton, running mate Tim Kaine turned Monday to...

US new-home sales climb to best level since late...

Aug 23, 2016

US sales of new homes soared 12.4 percent in July to best level since October 2007

Ahead of the Bell: US existing-home sales

Aug 24, 2016

US home sales expected to dip 1.3 percent in July after hitting nine-year high in June

The Latest: Trump calls Clinton 'bigot' who only...

Aug 25, 2016

Donald Trump is declaring that Hillary Clinton 'is a bigot' in his latest outreach to minority...

Yellen, in speech Friday, could send signal about...

Aug 26, 2016

Yellen, in Jackson Hole speech Friday, could send a signal about timetable for next rate hike

Sign up now!

About Us

In The Headline sought to bring professionalism back into journalism, bringing you only the most exclusive and the most impactive news from all over the globe.

Contact us: sales[at]intheheadline.com