Mortgage Rates Little Changed In Week
March 7, 2013 by UPI - United Press International, Inc.
WASHINGTON (UPI) — Long-term U.S. mortgage rates were little changed in the week, the Federal Home Loan Mortgage Corp. said Thursday.
Rates for 30-year, fixed-rate mortgages rose from 3.51 percent with an average 0.7 point to 3.52 percent, Freddie Mac said.
Rates for 15-year contracts were unchanged at 2.76 percent with an average 0.7 point.
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.
Interest rates for five-year adjustable rate mortgages rose from 2.61 percent with an average of 0.5 points to 2.63 percent.
One-year adjustable rate mortgages using 10-year bonds as a benchmark, averaged 2.63 percent with 0.3 point in the week, down from 2.64 percent in the previous week.