The average rate on the 30-year fixed mortgage stayed above its record low for a fourth consecutive week.
Freddie Mac stated that the rate on the 30-year fixed loan slipped to 3.98 percent from 4 percent the previous week.
Seven weeks ago, it decreased to a record low of 3.94 percent, according to the National Bureau of Economic Research.
Rates have been under 5 percent for all but two weeks this year.
Mortgage rates track the yield on 10-year Treasury note.
The average rates don’t include points, also known as extra fees, which most borrowers are required to pay to get the lowest rates.
1 percent of the loan amount equals one point.
The average fees for the 15-year and 30-year fixed mortgages were unchanged from 0.7.
The average rate on the five-year adjustable loan dropped to 2.91 percent from 2.97 percent.
The average rate on the one-year adjustable loan fell as welll, declining to 2.79 percent from 2.98 percent.
The average fees on the one-year and five-year adjustable loans were unchanged from 0.6.
In order to calculate average mortgage rates, Freddie Mac surveys lenders across the U.S. Monday through Wednesday of each week.
Source: businessweek.com