Mortgage buyer Freddie Mac said yesterday that the average rate on the benchmark 30-year, fixed-rate mortgage rose to 4.46 percent, from 4.45 percent last week. Despite the recent declines, home borrowing rates are above last year's levels. The key 30-year
rate averaged 4.22 percent a year ago.
The average rate this week for 15-year, fixed-rate loans ticked up to 3.89 percent from 3.88 percent.
The Federal Reserve held its benchmark interest rate steady Wednesday and sent its strongest signal to date that it sees no need to raise rates anytime soon.
The average fee on 30-year fixed-rate mortgages rose this week to 0.5 point from 0.4 point. The fee on 15-year mortgages held steady at 0.4 point.
The average rate for five-year adjustable-rate mortgages increased to 3.96 percent from 3.90 percent last week. The fee was unchanged at 0.3 point.
For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce