Arab Today, arab today us mortgage rates slide slightly in week
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

US mortgage rates slide slightly in week

Arab Today, arab today

Arab Today, arab today US mortgage rates slide slightly in week

Washington - UPI

Fixed mortgage rates on long-term loans in the United States fell modestly in the week that ended Thursday, the Federal Home Loan Mortgage Corp. said. The average 30-year fixed mortgage interest rate fell from 3.41 percent to 3.39 percent with an average 0.7 points, Freddie Mac said. A year earlier, interest rates for 30-year, fixed-rate loans were at 4 percent. For 15-year loans, interest rates fell from 2.72 percent to 2.7 percent with an average 0.7 points. A year ago, 15-year loan rates averaged 3.31 percent. Average interest rates for five-year adjustable-rate mortgages were down from 2.75 percent to 2.74 percent with 0.6 point. In the same week of 2011, rates for five-year ARM contracts stood at 2.96 percent. The average interest rate for one-year ARM contracts fell from 2.59 percent to 2.58 in the week with 0.4 points. Rates a year ago for one-year ARM contracts averaged 2.88 percent. Low inflation and a growing economy allowed interest rates to fall slightly in the week, said Freddie Mac vice president and Chief Economist Frank Nothaft in a statement.

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