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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