comscore Average rate on 30-year loan falls | Honolulu Star-Advertiser
Top News

Average rate on 30-year loan falls

  • STAR-ADVERTISER / SEPT. 20
[ AD HAS BEEN REMOVED FROM THIS STORY ]

WASHINGTON » Average U.S. rates for fixed mortgages declined this week, edging closer to historically low levels.

Mortgage buyer Freddie Mac says the average for the 30-year loan fell to 4.41 percent from 4.51 percent last week. The average for the 15-year loan eased to 3.45 percent from 3.56 percent.

Mortgage rates have risen about a full percentage point since hitting record lows a year ago. The increase was driven by speculation that the Federal Reserve would reduce its bond purchases. The Fed determined last month that the economy was strong enough to start trimming those purchases, which have kept long-term interest rates low.

The rise in mortgage rates slowed home sales, which have fallen for three straight months. But overall, 2013 was the best year for housing since the financial crisis.

Comments have been disabled for this story...

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature

Scroll Up