November 1 2013 : Average rate on 30-year mortgage at 4.1%

November 3, 2013

Average U.S. rates on fixed mortgages fell for the second straight week and are at their lowest levels in four months.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan declined to 4.10 percent from 4.13 percent last week. The average on the 15-year fixed loan eased to 3.20 percent from 3.24 percent.

Rates have been falling since September when the Federal Reserve surprised investors by continuing to buy $85 billion a month in bonds. The purchases are intended to keep long-term interest rates low.

Rates had spiked over the summer when the Fed indicated it might reduce those purchases later this year. But hiring has slowed since then. Many now expect the Fed won’t taper until next year.

Mortgage applications jumped 6.4 percent in the week ended Oct. 25 from the previous week, according to the Mortgage Bankers Association. Applications for purchases rose 2 percent from a week earlier, while refinance applications soared nearly 9 percent.

The average fee for a 30-year mortgage declined to 0.7 point from 0.8 point. The fee for a 15-year loan rose to 0.7 point from 0.6 point.

The average rate on a one-year adjustable-rate mortgage increased to 2.64 percent from 2.60 percent. The fee eased to 0.4 point from 0.5 point.

The average rate on a five-year adjustable mortgage dipped to 2.96 percent from 3.00 percent. The fee was unchanged at 0.4 point.

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