The average rate for a 30-year mortgage went to 4.49 percent from 4.55 percent, Freddie Mac said Thursday. The average rate on the 15-year fixed home loan, fell to 3.68 percent from 3.74 percent. These are both lows for the year.
Rates tend to track the yield on the 10-year Treasury note. The 10-year yield has been dropping as investors have snapped up Treasurys over fears that the economy is slowing.
These average mortgage rates are calculated by Freddie Mac, who collects rates from lenders across the nation on Monday through Wednesday of each week. Rates can fluctuate even within a single day.
The rates do not include lenders fees, known as points. One point is equal to 1 percent of the total loan amount. In Freddie Mac's survey the average fee was 0.7 for both the 30-year and 15-year fixed loans.
Here's a scenario showing the difference 1 perfect makes in a loan payment a short while ago.
Just something to think about.
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