Average US mortgage rates edge up; 30-year at 4.53 percent

In this Monday, July 9, 2018, photo a for sale sign stands outside a pre-existing home, in Walpole, Mass. On Thursday, July 12, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Steven Senne)
In this June 8, 2018, photo a for sale sign stands in front of a house, in Jenkintown, Pa. On Thursday, July 12, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Matt Rourke)

WASHINGTON — Long-term U.S. mortgage rates edged higher this week, marking their first increase since early June.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages ticked up to 4.53 percent from 4.52 percent a week earlier.

Despite the decline in recent weeks, long-term loan rates have been running at their highest levels in seven years. The average benchmark 30-year rate reached a high this year of 4.66 percent on May 24. The rate stood at 4.03 percent a year ago.

The average rate on 15-year, fixed-rate loans rose to 4.02 percent this week from 3.99 percent last week.

Mortgage rates have declined as investors have bought 10-year U.S. Treasury notes, causing their yield to decline. The yield peaked in May at 3.11 percent and has since dipped to 2.85 percent as market investors have sought a haven amid trade tensions between the U.S. and China and the European Union.

The yield on the 10-year note continues to hover in a narrow range, thereby keeping mortgage loan costs at bay, Freddie Mac chief economist Sam Khater noted. That "is certainly welcoming news for those looking to buy a home before the summer ends," he said.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.

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 fell to 0.4 point from 0.5 point. The fee on 15-year mortgages was unchanged at 0.4 point.

The average rate for five-year adjustable-rate mortgages jumped to 3.86 percent from 3.74 percent last week. The fee remained at 0.3 point.

Must Read

Colbert to air live after Trump-Clinton...

Aug 10, 2016

Stephen Colbert, who capitalized on the political conventions with live broadcasts, will do the...

Judge dismisses suit accusing Twitter of...

Aug 10, 2016

A federal judge in San Francisco has dismissed a lawsuit accusing Twitter of supporting the Islamic...

Former Somali refugee poised to win office in...

Aug 10, 2016

A former refugee is poised to become the country's first Somali-American legislator after winning a...

Teenager who scaled Trump Tower had past problems...

Aug 11, 2016

A Virginia teenager who climbed partway up Trump Tower in New York City had a history of problems...

US: 45,000 Islamic State fighters taken off...

Aug 11, 2016

A top U.S. commander says that the military campaigns against the Islamic State group in Iraq and...

Sign up now!

About Us

In The Headline sought to bring professionalism back into journalism, bringing you only the most exclusive and the most impactive news from all over the globe.

Contact us: sales[at]intheheadline.com