Mortgage rates up slightly this week to a still-low 3.12%
ABC News
The average interest rate on a long-term mortgage in the U.S. ticked up slightly this week but remain historically low just as the Federal Reserve announces that it will begin tightening credit
SILVER SPRING, Md. -- The average interest rate on a long-term mortgage in the U.S. ticked up slightly this week but remain historically low just as the Federal Reserve announces that it will begin tightening credit.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year, fixed rate home loan was up this week to 3.12% from 3.10% last week. A year ago, the rate stood at 2.67%.
The average rate on a 15-year mortgage fell again this week, to 2.34% from 2.38% last week. One year ago, that rate was 2.21%.
On Wednesday, the Federal Reserve announced as expected that it would begin dialing back its monthly bond purchases — which are intended to lower long-term rates — to combat accelerating inflation. That move could raise borrowing costs across the economy in the coming months, but policy changes don’t always immediately affect other loan rates. Even with three rate increases next year, its benchmark rate would still be historically low, below 1%.
