WASHINGTON (11/12/13)--Freddie Mac reported Thursday that the average rate on 30-year fixed-rate mortgages rose to 4.16% for the week ended Nov. 1.
The increase was from the previous week rate of 4.10%, the lowest in four months. For 15-year, fixed-rate mortgages, the average rate rose to 3.27% from 3.20%. The average doesn't include extra fees, or points, that borrowers pay to get the lowest rates. One point equals 1% of the loan.
The average fee for a 30-year, fixed mortgage increased to 0.8 point from 0.7 point, while the fee for a 15-year mortgage stayed steady at 0.7 point.
Associated Press reported that rates have fallen since September, when the Federal Open Market Committee, the Federal Reserve's monetary policymaking group, went against expectations and decided not to taper off its quantitative easing policy of buying $85 billion each month in bonds (USA TODAY Nov. 7). The QE3 policy is intended to keep the long-term rates lower.