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AP: 4d34ceb9-3de6-4299-b491-fd7bbf025853
Average U.S. rates on fixed mortgages ticked up from record lows last week. Cheaper mortgages are fueling a modest housing recovery that could help the broader economy. (AP Photo)

US rate on 30-year mortgages rises to 3.59 pct.

May 23, 2013 @ 7:02 am

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WASHINGTON (AP) - Average rates on fixed mortgage rose for the third straight week, hitting their highest levels since mid-March. Still, mortgage rates remained close to historic lows, a trend that should help sustain the housing recovery.

Mortgage buyer Freddie Mac says the average rate for the 30-year loan increased to 3.59 percent this week. That's up from 3.51 percent last week and above the rate of 3.31 percent reached in November, the lowest on records dating to 1971.

The average on the 15-year loan jumped to 2.77 percent. That's up from 2.69 percent last week. The record low of 2.56 percent was hit on May 2.

Cheaper mortgages are a key reason home sales have increased this year. That's helped boost home prices and construction, too.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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Comments (20)


  • Add A Comment

  • messiah101 wrote...
    COSTCO
    September 9, 2011 10:16 am
    Has a great Home Loan program with lower fee's then I saw elsewhere.I'm currently doing a re-fi at 4.125% 30 yr. I'm saving $119 a month my fees are $950.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • mudslngr1 wrote...
    Good thing
    September 12, 2011 10:37 am
    obumers porkulus package gave the banks hundreds of billions of dollars to not loan and keep for themselves. That sure helped the economy huh?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • CH wrote...
    morgage numbers are like unemployment numbers
    September 18, 2011 4:06 pm
    they can be 1% but if you can't get a morgage whats the point?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • HPD 5-0 wrote...
    You are a loser. THAT is why you can't get a loan.
    October 7, 2012 10:03 am
    ....
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Basso wrote...
    LOL
    October 1, 2011 9:21 am
    Except you can't refinance. What does it really matter what it is at. We are still getting screwed by the banks and the fed who refuse to refinance those who can afford to keep their upside down loans. refinance the darn loans, it will put $$ back into the hands of those who would spend it. Get off your arses and stimulate the economy. This managed slow economy by the feds is benefitting someone.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • CH wrote...
    1932
    October 2, 2011 3:43 pm
    not far off
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • hnuh wrote...
    The biggest
    October 6, 2011 7:30 am
    problem with an economy based on individual consumption and government expenditures, particularly of borrowed money, is that when demand lags it is almost impossible to significantly stimulate economic activity. In an economy based on production with sound government spending policies Keynesian stimulus could be effective. Even paying people to borrow money can't work. It's all a shell game without consumption, and the only way to stimulate consumption without increased production is to throw free money at people. People have zero respect for free money, ask a welfare bum. We're stuck now. Is this the fundamental change 0bama promised?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Keitho wrote...
    No refinancing?
    November 27, 2011 6:12 am
    Then why have I been appraising 2+ houses a day, 5 days a week for over a year now? This is one of the busiest years I have seen in the past 27.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Truth Hurts wrote...
    BECU, no fee 3.625 APR Refi.
    December 2, 2011 6:11 am
    We will close in a week or so.

    NO Fees, NONE. (BECU Paid $1700 in Fees)

    No POINTS, NONE. Went from a 30 Year 6.5 % to a 12 year 3.625%

    Payments about the same!

    Everyone can Join BECU (in WA).

    Highly Recommend BECU, did it all by internet and phone thus far.

    Painless.

    I don't work for BECU, just a member.

    http://www.becu.org/12-year-mortgage.aspx

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • pro_steel_header wrote...
    i'll bet some people are sorry they piss*d away all the money they had during the boom!
    December 23, 2011 9:24 pm
    should have saved at least some of it. did you think the good times would go on forever???
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • flipper wrote...
    The Underwater problem
    January 13, 2012 11:50 am
    Those of us who moved here and bought in 2006 (with 10-20% down) have seen our houses devalue in the market to the tune of some 20-30%. Meaning we have no equity, we're upside down, and we can't take advantage of any of this because the banks won't talk with us. Yes, the folks who bought in 2003 and earlier are fully capabile of a refi.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • biteme wrote...
    Do your research
    April 29, 2012 4:24 pm
    some loan restructures are going on or loan modifications to be able to take advantage of the lower rates and keep your house out of foreclosure.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Realitycheck wrote...
    biteme
    July 9, 2012 2:27 pm
    Instead of just posting insulting words, hinting at that people are lazy, post your info that can help people underwater. I heard about it over and over but every lead was a dead end so far. If you got true info that can help people underwater to re-finance you would be a a** to not post it here.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }