Skip to content

Mortgage Rates for 30-Year U.S. Fixed Loans Unchanged at Record-Low 3.87%

February 17, 2012

[The original article can be found HERE, compliments of Bloomberg.]

 

 

Rates for 30-year U.S. mortgages held at the lowest level on record as fewer Americans sought loans to buy homes.

The average rate for a 30-year fixed loan was unchanged in the week ended today at 3.87 percent, the lowest in records dating to 1971 and the third straight week at that level, Freddie Mac (FMCC) said in a statement. The average 15-year rate remained at 3.16 percent, according to the McLean, Virginia- based mortgage-finance company.

“Rates have moved very little now for the last couple of months,” Keith Gumbinger, vice president of HSH.com, a loan- data company in Pompton Plains, New Jersey, said in an interview yesterday. “Rates are at fantastic levels.”

Low borrowing costs have done little to spark consumer interest in buying houses. Financing applications for purchases have fallen in three of the past four weeks, according to data from the Washington-based Mortgage Bankers Association. The group’s purchase index declined 8.4 percent in the period ended Feb. 10, while its refinancing gauge rose 0.8 percent.

To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net

To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: