WASHINGTON : Rates on 30-year fixed mortgages rose slightly in the United States this week to an average of 4.23 per cent, just above the lowest level in decades, Reuters reported on Thursday.
The average rate for 30-year fixed loans inched up from 4.21 per cent the previous week, mortgage buyer Freddie Mac said Thursday.
Earlier in the month, rates fell to 4.19 per cent, the lowest average on records dating back to 1971.
The average rate on 15-year fixed loans rose to 3.66 per cent. That was up from 3.64 per cent a week earlier.
Rates have been falling since April. They have remained low this month because investors have been buying up Treasury bonds in anticipation of the Federal Reserve‘s likely move to buy Treasurys to stimulate the economy. That demand lowers Treasury yields, which mortgage rates tend to track.
Low rates haven‘t helped the struggling housing market, which recorded its worst summer in more than a decade. But they have led to a modest surge in refinancing.
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