Business

Average U.S. 30-year mortgage rate falls to 4.21 pct

Posted May 08, 2014 1:01 am

Associated Press

WASHINGTON - Average U.S. rates on fixed mortgages this week fell for a second straight week as the spring home-buying season has gotten off to a slow start.

Mortgage buyer Freddie Mac says the average rate for the 30-year loan declined to 4.21 percent from 4.29 percent last week. The average for the 15-year mortgage eased to 3.32 percent from 3.38 percent.

Mortgage rates have risen almost a full percentage point since hitting record lows about a year ago.

Warmer weather has yet to boost home-buying as it normally does. Rising prices and higher rates have made affordability a problem for would-be buyers, while many homeowners are reluctant to list their properties for sale.

Roughly a third of homeowners owe more on their mortgage than they could recoup from a sale.

Article Comments

Article Categories
Business Nation and World News

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.