NEW YORK - fixed mortgage rates dipped to the lowest level of the year this week. The third straight weekly decline comes at the start of the peak of the purchase of the season.
Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.71% of 4,78% the previous week. Corresponding to this year low reached in January. But it is above the lowest in 40 years of 4.17% reached in November.
The average rate on the fixed mortgage slipped to 3.89% of 3.97% in 15 years. She reached 3.57% in November, the level low on records dating back to 1991.
Mortgage rates tend to follow the performance on the ticket of 10 years of the Treasury Board, which is fallen this week following a report this week showed slower growth month last in the services sectorwhich employs nearly 90 per cent of the labour force in the United States. This strengthens the case of the Federal Reserve to maintain its policy of keeping interest rates low to fuel economy.
Low rates have nothing to boost sales, which are well below the level that economists consider healthy. However, most sales occur between April and August.
Many manufacturers reported a decline in sales in the first three months of the year with a decline in orders, a sign of future activity. Beazer Homes USA Inc. said Tuesday it booked a loss 54.6 million for its fiscal year second quarter as new commands and closures fell.
To calculate the average mortgage rates, Freddie Mac collects rates lenders across the country on Monday to Wednesday of each week. Rates fluctuate often significantly, even within a single day.
The average rate for a five-year rate mortgage fell to 3.47% of 3.51%. The loan of five years hit at 3.25% last month, the lowest rate on records dating back to January 2005.
The average rate on a variable rate loan - one year fell to 3.14% of 3.15%. Which marked the lowest level for the rate on the arm of 1 year in the last year.
The rates do not include the cost of the add-on, called points. A point is equal to 1% of the total amount of loan. The fee for the 30-year fixed average ready and ready fixed 15 years in the survey of Freddie Mac was 0.7 point. The average fee for the five-year arm and the arm of 1 year was 0.6 of a point.
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