News Column

BRIEF: 30-year fixed mortgage rate hits lowest point this year

August 21, 2014

By Samantha Bomkamp, Chicago Tribune



Aug. 21--The average rate on a 30-year fixed-rate mortgage hit its lowest point this year following a jump in new home construction, lender Freddie Mac said Thursday.

The 30-year fixed rate averaged 4.10 percent this week, down from last week's average of 4.12 percent. A year ago, the rate averaged 4.58 percent.

The rate on a 15-year fixed-rate mortgage averaged 3.23 percent, down from 3.24 percent last week. The rate averaged 3.60 percent a year ago.

In addition to a 15.7 percent increase in housing starts, a decline in Treasury yields and a slowing pace of consumer price increases helped keep rates low, according to Freddie Mac's Chief Economist Freddie Mac.

sbomkamp@tribune.com

Follow @samwilltravel Follow @chibreakingbiz

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Source: Chicago Tribune (IL)


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