US average 30-year mortgage rate declines to 3.48 per cent
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WASHINGTON — Long-term U.S. mortgage rates edged lower this week.
Mortgage giant Freddie Mac said Thursday the average for the 30-year fixed-rate mortgage declined to 3.48
The 15-year fixed mortgage rate eased to 2.76
Prices of long-term U.S. Treasury bonds rose, pushing their yields lower, as investors awaited the decision of the Federal Reserve Wednesday on interest rates. The Fed kept its key interest rate unchanged but
The yield on the 10-year notes fell to 1.66
Though mortgage rates have been at historically low levels, data issued Thursday showed that Americans retreated from home-buying in August, as a worsening inventory shortage appears to be hurting sales and pushing prices higher.
Sales of existing homes slipped 0.9
Low mortgage rates have combined with an improved job market to bolster demand from possible buyers. But drastically fewer sellers are coming into the market. The number of properties for sale is dwindling despite buyer enthusiasm.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of 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
The average fee for a 30-year mortgage rose to 0.6 point this week from 0.5 point last week. The fee for a 15-year loan was unchanged at 0.5 point.
Rates on adjustable five-year mortgages averaged 2.80