Fixed mortgage rates halt their downward march – Chicago Tribune

Fixed mortgage rates’ downward march came to a halt this week.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average held steady at 3.78 percent with an average 0.5 point, same as it was last week. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.5 percent a year ago.

The 15-year fixed-rate average also didn’t move, remaining at 3.08 percent with an average 0.5 point. It was 2.77 percent a year ago. The five-year adjustable rate average slipped to 3.13 percent with an average 0.4 point. It was 3.15 percent a week ago and 2.82 percent a year ago.

The lack of movement by fixed mortgage rates may be the pause before they begin to ascend once again. Long-term bond yields rose sharply this week, after slumping to their lowest levels since the presidential election. Since falling to 2.05 percent on Sept. 7, the yield on the 10-year Treasury surged to 2.20 percent Wednesday.

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