46.8 F
Fort Worth
Sunday, November 29, 2020
Banking Long-term mortgage rates rise; 30-year at 3.75%

Long-term mortgage rates rise; 30-year at 3.75%

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

WASHINGTON (AP) — U.S. long-term mortgage rates rose this week amid optimism over prospects for the U.S. economy. Rates remain at historically low levels, however, as an incentive to prospective homebuyers.

Mortgage giant Freddie Mac said Thursday the average rate for a 30-year fixed-rate mortgage jumped to 3.75% from 3.69% last week. By contrast, the benchmark rate stood at 4.94% a year ago.

The average rate on a 15-year mortgage increased to 3.2% this week from 3.13% last week.

Federal Reserve Chairman Jerome Powell told Congress this week that the central bank remains optimistic about the U.S. economy, though it still faces risks from slower growth overseas and trade tensions. Powell underscored his view that the economy is likely to continue growing, with no reason to believe that the likelihood of a recession is “elevated.”

The Fed, which cut its short-term interest rate two weeks ago, is likely to keep rates unchanged in the coming months, unless there was a “material” shift in the economy’s outlook, Powell said.

The historically low home borrowing rates have sparked a homebuying rush. Mortgage applications, for both purchases and refinancing, rose 9.6% in the week ended Nov. 8 from a week earlier, according to the Mortgage Bankers Association.

Freddie Mac surveys lenders across the country between Monday and Wednesday each week to compile its mortgage rate figures.

The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The average fee on 30-year fixed-rate mortgages increased to 0.6 point this week from 0.5 point. The average fee for the 15-year mortgage rose to 0.5 point from 0.4 point.

The average rate for five-year adjustable-rate mortgages rose to 3.44% from 3.39%. The fee rose to 0.4 point from 0.3 point.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

JRB Fort Worth chosen for main operating base for C-130J aircraft

Naval Air Station Joint Reserve Base Fort Worth has been selected as a main operating base for eight C-130J aircraft at the 136th Airlift...

Jacobs Engineering: Fiscal 4Q Earnings Snapshot

DALLAS (AP) _ Jacobs Engineering Group Inc. (J) on Tuesday reported fiscal fourth-quarter net income of $82 million.On a per-share basis, the Dallas-based company...

Tarrant County DA’s office changing how it handles misdemeanor marijuna cases

The Tarrant County Criminal District Attorney’s Office is changing how it handles misdemeanor marijuana cases. The Tarrant County  Criminal District Attorney’s Office on Monday, Nov....

Arlington selects new police chief from Baltimore department

Col. Al Jones, a 25-year veteran of the Baltimore County Police Department, has been appointed the new police chief of the the City of...

Arlington firm designing new hotel in Las Colinas

Arlington-based Type Six Design & Development has announced the firm has received zoning approval from the City of Irving for a new six-story Hotel...