July 4, 2013 in Business

Mortgage rates dip following surge

 

Average U.S. rates on fixed mortgages fell this week after last week’s surge.

Freddie Mac said Wednesday that the average on the 30-year loan dropped to 4.29 percent. That’s down from 4.46 percent last week, the highest in two years and a full point more than a month ago.

The average on the 15-year mortgage fell to 3.39 percent, down from 3.50 percent last week – the highest since August 2011.

The average rate 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.

Associated Press

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