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US rate on 30-year mortgage steady at 3.53 pct

Published on NewsOK Modified: February 14, 2013 at 10:50 am •  Published: February 14, 2013
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To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for 30-year loans was 0.8 point, the same as last week. The fee for 15-year mortgages was 0.8 point, up from 0.7 point last week. The fee for one-year adjustable rate mortgages was 0.3 point, down from 0.4 point last week.

Freddie Mac said that the average rate on five-year adjustable-rate mortgages edged up to 2.64 percent this week from 2.63 percent last week. The fee stayed the same at 0.6 point.