The average interest rate for a 30-year, fixed-rate mortgage in the United State rose slightly this week, mortgage buyer Freddie Mac reported April 3, 2014.
The average rate on a one-year adjustable-rate mortgage edged up to 2.45 percent from 2.44 percent. The average fee held steady at 0.4 point. The average rate on a five-year, adjustable-rate mortgage increased to 3.12 percent from 3.10 percent. The fee remained at 0.5 point.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday 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 a 30-year mortgage rose to 0.7 point from 0.6 point. The fee for a 15-year loan was unchanged at 0.6 point.
Applications for U.S. home mortgages fell last week on lower refinancing demand, the Mortgage Bankers Association (MBA) reported April 2, 2014.
The MBA said its seasonally adjusted index of mortgage application activity, which includes both refinancing applications and home purchase applications, declined 1.2 percent in the week ended March 28, 2014.
Refinancing applications declined 2.9 percent, while home loan applications for home purchases, a gauge of future home sales, increased 0.9 percent.
The MBA mortgage applications survey covers more than 75 percent of U.S. retail residential mortgage applications.