Mortage rates hold at 3.94 percent this week

AP News
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Posted: Nov 02, 2017 10:00 AM
Mortage rates hold at 3.94 percent this week

WASHINGTON (AP) — The costs of borrowing money to buy a home held steady this week as U.S. mortgage rates hover near relative lows.

Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages didn't budge from last week's 3.94 percent. One year ago, the benchmark rate was 3.54 percent.

Long-term home loan rates tend to track the yield on 10-year U.S. Treasury notes, which have risen since early September.

The average rate on 15-year, fixed-rate mortgages, popular with homeowners who are refinancing, ticked up slightly to 3.27 percent from 3.25 percent last week. A year ago, the 15-year rate averaged 2.84 percent.

The average rate on the five-year, adjustable-rate mortgage increased slightly to 3.23 percent from 3.21 percent last week.