Long-Term Mortgages Slip, Just A Little

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WASHINGTON, Oct. 20 (UPI) — Long-term mortgage rates were little changed in the week ending Thursday, the U.S. Federal Home Loan Mortgage Corp. said.

Freddie Mac said the average interest rates for 30-year, fixed-rate loans fell from 4.12 percent to 4.11 percent with an average of 0.8 points for the week.

A year earlier during the same week of the year, interest rates averaged 4.21 percent.

For 15-year loans, the rate dropped from 3.38 percent to 3.37 percent with 0.8 points.

A year earlier, 15-year, fixed-rate mortgages averaged 3.64 percent.

Frank Nothaft, Freddie Mac’s vice president and chief economist, said the home construction industry “had some good news for a change.”

“Housing (construction) starts sprang up 15 percent in September, largely driven by a spike in multifamily starts to a level last seen in 2008,” he said.

“Building permits on 5-or-more-unit buildings fell by 13 percent, however, suggesting that the multifamily building pickup may be temporary,” Nothaft said in a statement.

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