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Monday, 21 July 2014

Jeff Adams Real Estate Seminar mortgage rates Average dip slightly nationwide

Average United States mortgage rates decline slightly this week with rates remaining near historic lows. Mortgage company Freddie Mac reported Thursday that the countrywide average for a 30-year loan dipped to 4.13%, down from 4.15% last week. The average for the 15-year mortgage, a popular selection for people who are refinancing, edge down to 3.23%, compared with 3.25% last week.

Mortgage rates are below the levels of 1year ago, having fallen in recent weeks after mountaineering last summer when the central Reserve began talking about reducing the monthly bond purchases it was making to keep long-term rates low. Rates on 1-year adjustable rate mortgages were 2.38% this week, down from 2.40% last week, while rates on 5-year adjustable rate mortgages were 2.96%, down from 2.98% last week.

4.12%, the rate on a 30-year mortgage is down from 4.55% at the beginning of this year. Rates have fallen diffidently even though the Fed has been decoration its monthly bond purchases. The purchases will likely end altogether at the end of October.

But at the same time, Yellen said during congressional proof that the Fed still sees the need to keep its standard short-term rate at a record low near zero to give the economy support.

To calculate average mortgage rates, Freddie Mac surveys lenders across the nation between Monday and Wednesday every week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. 

The average fee for a 30-year mortgage was 0.6 point, down from 0.7 point last week. The fee for a 14-year mortgage was 0.5 point, down from 0.6 point last week. The average charge for a 5-year adjustable rate mortgage was 0.4 point, unchanged from last week.