Fixed mortgage rates on long-term loans in the United States rose modestly in the week that ended Thursday, the Federal Home Loan Mortgage Corp. said.
The average 30-year fixed mortgage interest rate rose from 3.37 percent to 3.41 percent with an average 0.7 points, Freddie Mac said.
A year earlier, interest rates for 30-year, fixed-rate loans were at 4.1 percent.
For 15-year loans, interest rates rose from 2.66 percent to 2.72 percent with an average 0.6 points. A year ago, 15-year loan rates averaged 3.38 percent.
Average interest rates for five-year adjustable-rate mortgages were unchanged at 2.75 percent. In the same week of 2011, rates for five-year ARM contracts stood at 3.08 percent.
The average interest rate for one-year ARM contracts was 2.59 percent in the week with 0.4 points, down from 2.6 percent in the previous week.
Rates a year ago for one-year ARM contracts averaged 2.9 percent.
"Mortgage rates remained relatively unchanged this week and should continue to support the housing market and mortgage refinance," said Freddie Mac vice president and Chief Economist Frank Nothaft in a statement.
"And not surprisingly, the Federal Reserve in its Oct. 24 monetary policy announcement acknowledged the further signs of improvement in the housing sector, albeit from a depressed level," Nothaft said.
Most Popular Stories
- SEO Traffic Lab Celebrate Wins at Digital Marketing Event 'Internet World 2013' in London
- Social Media Initiatives Should Follow Customers' Lead
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- U.S. Senate Accuses Apple of Large-scale Tax Avoidance
- UTEP Water Recycling Project Wins Venture Titles
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- Bieber Booed at Billboard Awards
- Crude Oil Up, Gasoline Down
- Austin Startup Compare Metrics Raises $3.5 Million for Expansion
- Why So Many Top 'Car Guys' Are Actually Women