cloudy.png
Tuesday February 25th, 2020 1:41PM

US mortgages flat to slightly higher; 30-year loan at 3.47%

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — U.S. long-term mortgage rates were flat to slightly higher this week after three straight weeks of declines, as the historically low levels continue as an incentive for potential homebuyers.

Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year fixed-rate mortgage edged up to 3.47% from 3.45% last week. The key rate stood at 4.37% a year ago.

The average rate on a 15-year mortgage was unchanged from last week at 2.97%.

Recent signs of strength in the U.S. economy have helped boost home sales, though a record-low inventory of houses on the market has caused prices to surge as affordability has worsened.

Federal Reserve Chairman Jerome Powell told Congress this week that the U.S. economy appears durable, with steady growth and unemployment near a half-century low, but faces risks from the widening viral outbreak that began in China.

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 rose to 0.8 from 0.7 point.

The average rate for a five-year adjustable-rate mortgage fell to 3.28% from 3.32% last week. The fee increased to 0.3 point from 0.2 point.

  • Associated Categories: Associated Press (AP), AP Business, 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 This material may not be published, broadcast, rewritten, or redistributed without permission.
Bloomberg once blamed end of 'redlining' for 2008 collapse
At the height of the 2008 economic collapse, then-New York Mayor Michael Bloomberg said that elimination of the discriminatory housing practice known as “redlining” was an instigator of the meltdown
11:45AM ( 14 minutes ago )
US mortgages flat to slightly higher; 30-year loan at 3.47%
U.S. long-term mortgage rates were flat to slightly higher this week after three straight weeks of declines, as the historically low levels continue as an incentive for potential homebuyers
11:44AM ( 16 minutes ago )
Trump slams ex-adviser who defended key impeachment witness
President Donald Trump is lashing out against former White House chief of staff John Kelly after the ex-adviser came to the defense of a former national security aide who offered key testimony in the impeachment inquiry
11:43AM ( 16 minutes ago )
Associated Press (AP)
McClatchy has 30 papers in 14 states, operations continue
McClatchy, which has filed for bankruptcy protection, operates 30 newspapers in 14 states
11:15AM ( 44 minutes ago )
NASCAR signs Verizon to upgrade wireless, wifi at 12 tracks
NASCAR has reached a deal with Verizon to upgrade the wireless infrastructure at the 12 tracks owned by the stock car racing series
11:12AM ( 47 minutes ago )
Buyers face more competition amid shortage of home listings
Americans shopping for a home this spring may face more competition than they have in years
11:06AM ( 53 minutes ago )
AP Business
Company efforts to stamp out tobacco often go up in smoke
Employers have long used financial penalties to try to push smokers to quit, but recent studies suggest these wellness programs may not improve workers' health or reduce employers' overall costs
12:15PM ( 23 hours ago )
Tenet Healthcare to pay $1.4M to settle cardiac lawsuit
Tenet Healthcare and its Southern California hospital Desert Regional Medical Center will pay $1.4 million to resolve allegations that it knowingly charged Medicare for implanting unnecessary cardiac monitors in patients
3:56PM ( 1 day ago )
Trump's $4.8 trillion budget proposal revisits rejected cuts
President Donald Trump has unveiled a $4.8 trillion election year budget plan that recycles previously rejected cuts to domestic programs to promise a balanced budget in 15 years
5:22PM ( 2 days 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 ( 1 week 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 ( 2 weeks 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 ( 2 weeks ago )
AP Business - Real Estate
Bloomberg once blamed end of 'redlining' for 2008 collapse
At the height of the 2008 economic collapse, then-New York Mayor Michael Bloomberg said that elimination of the discriminatory housing practice known as “redlining” was an instigator of the meltdown
11:45AM ( 14 minutes ago )
Trump slams ex-adviser who defended key impeachment witness
President Donald Trump is lashing out against former White House chief of staff John Kelly after the ex-adviser came to the defense of a former national security aide who offered key testimony in the impeachment inquiry
11:43AM ( 16 minutes ago )
Trump Fed nominee Shelton faces skepticism at Senate hearing
One of President Donald Trump's nominees for the Federal Reserve came under sharp questioning Thursday from senators who expressed skepticism at her unorthodox economic views, including two Republicans who raised doubts about her nomination
11:36AM ( 23 minutes ago )
Torrential rains leave swollen rivers, downed trees in South
Days of torrential rain across the Southeast left residents to deal with rising rivers, falling trees, weakened dams and mudslides
11:30AM ( 29 minutes ago )
Dictionary adds controversial definition for Tottenham fans
An alternative meaning for a controversial anti-Semitic epithet often used by fans of English soccer club Tottenham has been included in a list of new entries in a leading dictionary of British English
11:26AM ( 33 minutes ago )