Interest Rates Rise On Long-term Home Loans

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WASHINGTON (UPI) — Average U.S. mortgage rates rose in the week ending Thursday for long-term loans, the Federal Home Loan Mortgage Corp. said.

In the week ending Oct. 17, average interest rates on 30-year fixed rate loans rose from 4.23 percent to 4.28 percent with 0.7 point, Freddie Mac said.

A year ago at this time, rates for 30-year fixed-rate loans averaged 3.37 percent.

Rates for 15-year fixed-rate mortgages averaged rose from 3.31 percent to 3.33 percent with an average 0.7 point in the week. A year ago in the same week, 15-year fixed-rate loans averaged 2.66 percent.

Rates for 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.07 percent this week with an average 0.7 point. Last week, rates for these loans averaged 3.05 percent with 0.6 point. A year ago, they averaged 2.75 percent.

Rates for 1-year Treasury-indexed adjustable-rate loans averaged 2.63 percent in the week with an average 0.4 point, down from 2.64 in the previous week, Freddie Mac said.

Last year over the same period, rates for 1-year adjustable-rate loans averaged 2.6 percent.

One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan’s long-term interest rates.

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