Long-Term Mortgage Rates Fall – 30-Year at 3.64%
Sept. has been a volatile month for mortgage rates. The average is down from 3.73% last week. One year ago, the 30-year FRM averaged 4.72%.
WASHINGTON (AP) – U.S. long-term mortgage rates fell this week following a sharp rise the week before, making September the most volatile month for the key 30-year loan since March.
Mortgage rates have been running near historic lows, spurring prospective homebuyers, amid an uncertain economic
outlook. Mortgage buyer Freddie Mac says the average rate on the 30-year, fixed-rate mortgage dropped to 3.64% from 3.73% last week. By contrast, the average rate stood at 4.72% a year ago.
A sharply divided Federal Reserve last week cut its benchmark short-term
interest rate for a second time this year but declined to signal that further cuts are likely in 2019. The Fed rate influences many consumer and business loans.
The average rate for 15-year, fixed-rate
home loans declined this week to 3.16% from 3.21% last week.
The average fee on 30-year fixed-rate mortgages rose this week to 0.6 point from 0.5 point.
The average fee for the 15-year mortgage was unchanged at 0.5 point.
The average rate for five-year adjustable-rate mortgages fell to 3.38% from 3.49%. The fee remained at 0.4 point.
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