cloudy.png
Saturday April 4th, 2020 8:44AM

US mortgage rates decline; 30-year loan lowest in 3 years

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — U.S. long-term mortgage rates fell this week for the third straight week, as the benchmark 30-year loan marked its lowest point in three years.

Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year fixed-rate mortgage declined to 3.45% from 3.51% last week. The key rate stood at 4.41% a year ago.

The average rate on a 15-year mortgage eased to 2.97% from 3% last week.

The historically low rates have been a boon for potential homebuyers. A positive outlook has come from signs of strength in the U.S. economy recently and expectations that the global economy could start to expand more quickly after being held back by trade conflicts.

Federal Reserve policymakers continued to hold interest rates low at their latest meeting last week. But the Fed chair warned that the viral outbreak in China poses a new threat to the strengthening global economy.

Freddie Mac surveys lenders nationwide between Monday and Wednesday each week to compile its mortgage rate figures. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The average fee on 30-year fixed-rate mortgages was unchanged from last week at 0.7 point. The average fee for the 15-year mortgage also remained at 0.7 point.

The average rate for a five-year adjustable-rate mortgage rose to 3.32% from 3.24% last week. The fee slipped to 0.2 point from 0.3 point.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Personal Finance, AP Business - Real Estate
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Senate: Obama officials hamstrung by Russia election attack
The Obama administration's ability to respond to Russian interference during the 2016 election was limited by a heavily politicized environment coupled with concerns that public warnings would undermine confidence in the vote
10:49AM ( 10 minutes ago )
EU signals willingness to ease Greek budget targets
The European Union's new economy commissioner, Paolo Gentiloni, says Greece's bailout lenders are now willing to discuss a request by Athens to ease strict budget targets that would help speed up the country's recovery
10:39AM ( 20 minutes ago )
Hawks request waivers on newly acquired veteran center Nenê
The Atlanta Hawks have requested waivers on center Nenê
10:38AM ( 21 minutes ago )
Associated Press (AP)
Stocks rise as investors focus on solid corporate earnings
U.S. stocks rose in early trading Thursday as investors continued focusing on the latest round of corporate earnings and China cut tariffs on key imports as part of a trade war truce
10:19AM ( 40 minutes ago )
Twitter shares jump on rise in user numbers, revenue
Shares in Twitter have surged after the social media company said its revenue growth and user numbers exceeded forecasts
10:13AM ( 46 minutes ago )
New virus cases in UK, Germany bring Europe's total to 30
Britain and Germany announced more cases of the Wuhan virus on Thursday, bringing the total number of confirmed virus cases in Europe to 30
10:10AM ( 49 minutes ago )
AP Business
PG&E clears another bankruptcy hurdle with debt refinancing
A federal judge has approved a settlement that moves Pacific Gas & Electric closer to getting out of bankruptcy
6:42PM ( 1 day ago )
Stocks open lower on Wall Street following drops overseas
Stocks are opening moderately lower on Wall Street, following declines overseas, as more worries about the spread of a virus outbreak in China and some weak earnings results put investors in a mood to sell
9:44AM ( 1 week ago )
GM to invest $2.2B in Detroit to build electric vehicles
General Motors is spending $2.2 billion to refurbish an underused Detroit factory so it can build electric and self-driving vehicles, eventually employing 2,200 people
10:09AM ( 1 week ago )
AP Business - Personal Finance
US construction spending dips 0.2% in December
US construction spending dips 0.3% in December and records first annual setback since 2011
10:32AM ( 3 days ago )
Stocks edge higher as investors focus on solid earnings
Major U.S. stock indexes are edging higher in late-afternoon trading Wednesday, with gains in technology companies outweighing losses in several other sectors
3:39PM ( 1 week ago )
Stocks rise as investors focus on solid corporate earnings
Stocks are moving higher on Wall Street in afternoon trading Wednesday ahead of the Federal Reserve's latest interest rate policy update
1:50PM ( 1 week ago )
AP Business - Real Estate
Senate: Obama officials hamstrung by Russia election attack
The Obama administration's ability to respond to Russian interference during the 2016 election was limited by a heavily politicized environment coupled with concerns that public warnings would undermine confidence in the vote
10:49AM ( 10 minutes ago )
EU signals willingness to ease Greek budget targets
The European Union's new economy commissioner, Paolo Gentiloni, says Greece's bailout lenders are now willing to discuss a request by Athens to ease strict budget targets that would help speed up the country's recovery
10:39AM ( 20 minutes ago )
Hawks request waivers on newly acquired veteran center Nenê
The Atlanta Hawks have requested waivers on center Nenê
10:38AM ( 21 minutes ago )
US productivity up 1.7% in 2019, best gain in 9 years
US productivity rises 1.4% in Q4 and gains 1.7% for all 2019, best showing since 2010
10:33AM ( 26 minutes ago )
EU official says Balkan membership expansion is priority
 The European Union's proposed new system for adding members is meant to reinstate the bloc’s influence in the Western Balkans, the bloc's enlargement commissioner said Thursday
10:24AM ( 36 minutes ago )