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Average U.S. 30-year mortgage rate increases to 4.20 percent

Mortgage buyer Freddie Mac said Thursday the average rate for a 30-year loan rose to 4.20 percent from 4.14 percent last week. The average for the 15-year mortgage rose to 3.31 percent from 3.23 percent.
Oklahoman Published: June 13, 2014
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In brief

Mortgage

rates rise

— Average U.S. rates on fixed mortgages rose this week for a second straight week but remained near historic lows.

Mortgage buyer Freddie Mac said Thursday the average rate for a 30-year loan rose to 4.20 percent from 4.14 percent last week. The average for the 15-year mortgage rose to 3.31 percent from 3.23 percent.

Rising prices and higher interest rates beginning in mid-2013 have made homes less affordable for would-be buyers. At the same time, a limited supply of homes is available to buy. Mortgage rates are about a quarter of a percentage point higher than they were this time last year.

Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.64 percent Wednesday, up from 2.60 percent a week earlier and 2.44 percent the previous week.

The average fee for a 30-year mortgage rose to 0.6 point from 0.5 point a week earlier. The fee for a 15-year loan held steady at 0.5 point.

Associated Press