Housing Market, Mortgage Rates | featured news

Mortgage rates ticked up slightly after sinking last week for the first time since late January, according to the latest data released by Freddie Mac. The 30-year fixed-rate average rose to 3.57 percent with an average 0.8 point. It was up from 3.54 percent a week ago but down from 3.99 percent a year ago. The 30-year fixed rate has remained below 4 percent for more than a year now.

Mortgage rates, which took some dramatic dips in 2012, were among the lowest on record this year, according to data released by Freddie Mac on Thursday. The 30-year fixed-rate average dropped to 3.35 percent, down 0.7 from the week before. It is substantially lower than the 3.95 percent level it reached during the final week of 2011.

Average mortgage rates in the U.S. were slightly lower over the past week and remained around historic lows, according to mortgage-finance company Freddie Mac.

Two of the nation's largest banks released third-quarter results that suggest the U.S. housing market, a key factor in the nation's economic performance, is bouncing back as mortgage rates hit record lows and home refinancings surge.

Applications for U.S. home mortgages rose last week as interest rates dropped to record lows in the wake of the Federal Reserve's latest stimulus efforts, data from an industry group showed on Wednesday.

The average U.S. rate on the 30-year fixed mortgage touched its record low this week and the rate on 15-year mortgage hit a new record.

Record-low interest rates are out of reach for many homeowners, and a big reason is that millions are underwater. Obama and others are trying to assist them. U.S. interest rates are at rock-bottom levels, but that's not helping most Americans with mortgages.

U.S. consumer sentiment improved in early August to the highest in three months as sales at retailers and low mortgage rates spurred Americans to boost their buying plans, a survey showed on Friday.

Average rates on fixed mortgages fell again this week to record lows, creating more incentive for buyers to enter the recovering housing market.

Mortgage rates continued their decline this week, with the 30-year fixed-rate average having met or matched a record low in 10 of the past 11 weeks, according to the latest data released Thursday by Freddie Mac. The 30-year fixed-rate average fell to 3.62 percent, down from 3.66 percent last week and 4.60 percent a year ago.