US Rate on 30-year Mortgages Remained Unchanged at 3.53 Percent

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Freddie Mac reports that the average U.S. rate on both 15-year and 30-year fixed rate mortgages remain unchanged for a second week. Rates are currently as low as 3.53% as of February 14, 2013.

The rate on the 15-year fixed mortgage stayed at 2.77 percent for a second week. The record low is 2.63 percent.

The slowly improving housing markets are gaining with the help of low interest mortgages. Although the increased housing demand is boosting new home construction, many people are still  unable to take advantage of the low rates due to blemished credit or large down payments.

Freddie Mac surveys lenders across the country each week to calculate average mortgage rates. The extra fees (also known as points) which most borrowers must pay to get the lowest rates are excluded in the average rate.

Freddie Mac said that the average rate on five-year adjustable-rate mortgages edged up to 2.64 percent this week from 2.63 percent last week. The fee stayed the same at 0.6 point.

[Yahoo News]

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