WASHINGTON (AP) – Aug. 15, 2014 – Average long-term U.S. mortgage rates declined this week, approaching their lows for the year.
Mortgage company Freddie Mac said Thursday the nationwide average for
a 30-year loan slipped to 4.12 percent from 4.14 percent last week. The
average for a 15-year mortgage, a popular choice for people who are
refinancing, fell to 3.24 percent from 3.27 percent last week.
Mortgage rates are below the levels of a year ago. They have fallen
in recent weeks after climbing last summer when the Federal Reserve
began talking about reducing the monthly bond purchases it was making to
keep long-term borrowing rates low.
Mortgage rates often follow the yield on the 10-year Treasury note.
The 10-year note traded at 2.42 percent Wednesday, brushing its low for
the year of 2.41 percent and down from 2.47 percent a week earlier. It
fell to 2.38 percent in trading Thursday morning.
At 4.12 percent, the rate on a 30-year mortgage is down from 4.53
percent at the start of the year. Rates have fallen even though the Fed
has been trimming its monthly bond purchases, which are intended to keep
long-term borrowing rates low. The purchases are set to end in October.
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I have to say that Michaela is the most efficient, enjoyable and effective real estate agent we've ever used and we bought and sold many houses. Since we bought our house sight unseen, Michaela went above and beyond the call of duty to keep us informed, FaceTime and text photos, checked the houses thoroughly and everyone she recommended along the way were also excellent.
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Michaela Sanchez is above and beyond any agent we have ever worked with, and we bought and sold many houses. She took care of every detail along the long and drawn out process of finding, inspecting and financing our home flawlessly and timely. Since we bought our home from California, Michaela earned our trust and our hearts staying ahead of the process as well as keeping us in the loop by taking many photos and videos and texting them to us; it was such a help for us to stay involved in the buying, inspection, financing and closing process. We highly recommend Michaela, you will be amazed at her efficiency and kindness.
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Robert & Sandi Flaaskog