Average US 30-year mortgage rates rise slightly to 3.87 per cent, still near 19-month low

WASHINGTON – Average U.S. mortgage rates rose slightly this week, but the benchmark 30-year rate stayed near a 19-month low.

Mortgage giant Freddie Mac says the nationwide average for a 30-year fixed rate mortgage increased to 3.87 per cent this week, up from 3.83 per cent last week. The rate hit 3.80 per cent earlier this month, lowest since May 2013.

The average for a 15-year mortgage also rose — to 3.15 per cent this week from 3.10 a week earlier. The rate for a one-year adjustable-rate mortgage blipped up to 2.40 per cent from 2.39 per cent last week.

A year ago, the 30-year mortgage stood at 4.53 per cent and the 15-year mortgage at 3.55 per cent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to keep long-term rates low.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning 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 per cent of the loan amount.

The average fee for a 30-year mortgage was 0.6 point, unchanged from last week. The fee for a 15-year mortgage was also unchanged at 0.6 point. The fee for a one-year ARM also was unchanged at 0.4 point.

The average rate on a five-year adjustable-rate mortgage stayed at 3.01 per cent; the fee was also unchanged at 0.5 point.