Fixed rates for home loans have moved slightly higher after dropping to record lows, according to Freddie Mac's survey of lenders. (Genaro Molino / Los Angeles Times / February 23, 2012) |
Fixed mortgage rates are edging up from their record lows, this week’s market surveys indicate.
Freddie Mac’s widely watched sampling of the rates lenders are offering to well-qualified borrowers showed the average for a 30-year fixed loan at 3.95% for the week ending Thursday. In the three previous weeks, the rate had been at an all-time low of 3.87%.
The 15-year fixed mortgage averaged 3.19%, up from 3.16% last week. Popular with refinancers, the 15-year loan had bottomed out at 3.14% in the Freddie Mac survey for the week ending Feb. 2.
The start rates on adjustable mortgages fell slightly, according to the report by Freddie Mac, a giant government-backed buyer and seller of home loans.
Freddie Mac makes a weekly check of the deals that lenders are offering on residential mortgages of up to $417,500 to borrowers with good credit, 20% down payments or equity in their homes, and income sufficient to make monthly payments.
Borrowers in the survey would have paid less than 1% of the loan balance in lender fees and points to obtain the rates. Paying additional up-front points can lower mortgage interest rates.
A Mortgage Bankers Assn. survey this week also showed rates slightly on the rise. The trade group said demand for both purchase and refinance loans had dropped slightly last week.
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