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US long-term mortgage rates edge up; 30-year loan at 3.65%

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In this Jan. 9, 2020, photo a “Coming Soon” sign hangs from a real estate sign outside a home in Derry, N.H. On Thursday, Jan. 16, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/Charles Krupa)

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February 07 2021 06:00 pm
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WASHINGTON (AP) — U.S. long-term mortgage rates rose slightly last week after financial markets that had been roiled by the U.S.-Iran conflict stabilized.

Mortgage buyer Freddie Mac said Thursday the average rate for a 30-year fixed-rate mortgage ticked up to 3.65% from 3.64% last week. The benchmark rate was 4.45% a year ago.

The average rate on a 15-year mortgage increased to 3.09% from 3.07% last week.

Loan rates regained the stability they’ve shown in recent months, buttressed by positive economic data, a strong job market, and improved sentiment in the housing market, which saw a slowdown early last year.

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 remained at 0.7 point this week. The average fee for the 15-year mortgage also held at 0.7 point.

The average rate for a five-year adjustable-rate mortgage rose to 3.39% from 3.30% last week. The fee was unchanged at 0.3 point.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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