Average 30-year mortgage rate edges up to 3.87%

By The Associated Press | Posted - Dec. 31, 2014 at 8:51 a.m.



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WASHINGTON (AP) — Average U.S. mortgage rates are up slightly this week, but the benchmark 30-year rate remains near a 19-month low.

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

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

A year ago, the 30-year mortgage stood at 4.53 percent. 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.

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The Associated Press

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