NEW YORK – April 8, 2011 – Fixed-rate mortgages were essentially unchanged this week, as the average rate on the 30-year fixed loan stayed below 5 percent.
Freddie Mac says the rate on the 30-year fixed mortgage rose to 4.87 percent from 4.86 percent the previous week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year fixed mortgage increased to 4.10 percent from 4.09 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.
Mortgage rates tend to track the yield on the 10-year Treasury note.
Low rates have done little to boost home sales. KB Home was the latest homebuilder to report this week a sharp decline in home orders for the December-February quarter. Last week, Lennar Corp. posted similar results.
Copyright © 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Breakout: Mortgage Rate Trend Index
Most (56%) industry experts predict rising rates over the short term. Only 6% expect a decline, while the remaining 38% foresee little change.
Freddie Mac says the rate on the 30-year fixed mortgage rose to 4.87 percent from 4.86 percent the previous week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year fixed mortgage increased to 4.10 percent from 4.09 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.
Mortgage rates tend to track the yield on the 10-year Treasury note.
Low rates have done little to boost home sales. KB Home was the latest homebuilder to report this week a sharp decline in home orders for the December-February quarter. Last week, Lennar Corp. posted similar results.
Copyright © 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Breakout: Mortgage Rate Trend Index
Most (56%) industry experts predict rising rates over the short term. Only 6% expect a decline, while the remaining 38% foresee little change.
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