Home loan giant Freddie Mac said Thursday that the rate on 30-year fixed-rate mortgages rose to 3.94 percent, up from 3.93 percent last week. They stood at 4.30 percent a year earlier. The rate on 15-year fixed-rate home mortgages, popular among house owners who are refinancing, increased to a typical 3.38 percent, highest because March and up from 3.36 percent recently. However it still below 3.52. percent a year ago.The rate on five-year adjustable-rate mortgages increased to 3.39. percent, highest because June 2011 and up from 3.36 percent last week. It was 3.32 percent a year earlier. The Federal Reserve last week raised short-term rates of interest for the third time this year.The Freddie Mac survey was taken prior to Congress passed a sweeping tax-cut expense, sending other long-term rates higher. “If those rate increases
stick, we’ll likely see greater home loan rates in next week’s study,”said Len Kiefer, Freddie Mac’s deputy chief economist.To calculate average home mortgage rates, Freddie Mac studies lending institutions throughout the country between Monday and Wednesday weekly. The average does not consist of extra fees, referred to as points, which most borrowers must pay to get the most affordable rates. One point equals 1 percent of the loan amount.The typical cost for a 30-year home mortgage was unchanged at 0.5 point. The fee on 15-year home mortgage likewise stayed at
0.5 point. The fee on an adjustable five-year home mortgage was the same at 0.3 point.WASHINGTON( AP)– Long-term U.S. home loan rates increased today however stay lower than they were a year back. The five-year variable-rate mortgage rate struck the highest level considering that mid-2011.