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Published: Fri, September 23, 2016
Economy | By Melissa Porter

US average 30-year mortgage rate declines to 3.48 percent

US average 30-year mortgage rate declines to 3.48 percent

Although the central bank held fast this time around, it signaled that it was leaning toward raising its benchmark rate before the end of the year, most likely in December.

Rates for 30-year FRMs averaged 3.48 percent for the week, a decrease of 2 basis points from a week earlier and down 38 basis points from a year ago. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.80%, compared with 2.82% in the prior week. 22, 2016, Freddie Mac reports on the week's average USA mortgage rates. This is down from last week's 2.77% and last year's 3.08%.

Mortgage rates moved slightly lower this week, according to the latest data released Thursday by Freddie Mac. In addition, the GSE states that job gains are now being translating into some modest real income gains with average hourly earnings up 2.4 percent year-over-year.

30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.6 point for the week ending September 22, 2016, down from last week when it averaged 3.50 percent.

US residential 30-year mortgage rates are now above 3.50%, on average according to Freddie Mac.

Quote: Attributed to Sean Becketti, Chief Economist, Freddie Mac. That would be the lowest annual average in 40 years, surpassing the previous low of 3.66 percent set in 2012. In regards to cash-out refinance activity, Freddie Mac shows this market sector to be on the rise in the second quarter, with an estimated $13.3 billion net dollars of home equity converted to cash during refinancing.

WASHINGTON (AP) - Long-term USA mortgage rates edged lower this week. Although on Wednesday the Federal Reserve again decided not to raise rates, Chair Yellen explicitly stated that she expects a rate hike this year.

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