Mortgage rates edged higher early this week from their recent record lows, with the average interest on a 30-year fixed-rate loan rising from 3.37% last week to 3.41%, Freddie Mac’s latest survey showed.
Rates on 15-year fixed home loans averaged 2.72%, up from 2.66%, according to the survey released Thursday morning. It is based on what mortgage lenders say they are offering to solid borrowers with 20% down payments.
Rock-bottom rates are supporting the recovering housing market and a big wave of refinance mortgages.
A $300,000 30-year mortgage at 5.5%, a common rate in late 2008, requires monthly payments of $1,703.37. The monthly payment on the same loan at 3.375%, a typical rate these days, would be $1,326.29.
Freddie Mac's survey assumes a low level of fees and discount points paid to the lender – in the latest survey, an average of 0.7% of the loan balance on the 30-year mortgage and 0.6% on the 15-year.