US rate on 30-year mortgage slips to 3.40 percent - WRBL

US rate on 30-year mortgage slips to 3.40 percent

Posted: Updated:
WASHINGTON, Dc. -

The average U.S. rate on the 30-year mortgage fell closer this week to its historic low and the 15-year rate marked a new record low. Low rates are increasing the affordability of buying homes and refinancing.

Mortgage buyer Freddie Mac says the average rate for the 30-year fixed loan slipped to 3.40 percent from 3.41 percent last week. That's near the 3.31 percent rate reached in November, which was the lowest on records dating back to 1971.

The average rate on the 15-year fixed mortgage fell to 2.61 percent from 2.64 percent last week. That's below the previous record low of 2.63 percent in November, the lowest since the 1990s.

Low mortgage rates are helping drive a housing recovery that began last year. Home prices and construction are increasing.

  • On Your SideMore>>

  • News 3 Neighbors: WWII Veteran "Shorty" Ogburn

    News 3 Neighbors: WWII Veteran "Shorty" Ogburn

    Monday, July 21 2014 9:20 PM EDT2014-07-22 01:20:18 GMT
    Earnest "Shorty" Ogburn has been living in the same house in Cataula for 45 years. Over the weekend his home underwent extensive renovations thanks to volunteers with the Cataula VFW. Darrell Sullivan is a lifetime member of that post andwas the team captain for the renovation project. Sullivan says, "Shorty is a World War II veteran. He's been shot multiple times with small arms and with shrapnel. He was captured and held as a prisoner of war twice." The weekend rain was not a deterrent for ...
    Earnest "Shorty" Ogburn has been living in the same house in Cataula for 45 years. Over the weekend his home underwent extensive renovations thanks to volunteers with the Cataula VFW. Darrell Sullivan is a lifetime member of that post andwas the team captain for the renovation project. Sullivan says, "Shorty is a World War II veteran. He's been shot multiple times with small arms and with shrapnel. He was captured and held as a prisoner of war twice." The weekend rain was not a deterrent for ...
  • Update: Teen dies after Opelika shooting on Edmon Avenue

    Update: Teen dies after Opelika shooting on Edmon Avenue

    Monday, July 21 2014 7:00 PM EDT2014-07-21 23:00:20 GMT
    The shooting victim who died Monday in Opelika is being identified only as a juvenile male because of his age, police say.The shooting victim who died Monday in Opelika is being identified only as a juvenile male because of his age, police say.
    A boy has died following a shooting on Edmon Avenue in Opelika Monday, police confirm
    A boy has died following a shooting on Edmon Avenue in Opelika Monday, police confirm
  • Opelika police: Woman stole 16 identities

    Opelika police: Woman stole 16 identities

    Monday, July 21 2014 3:00 PM EDT2014-07-21 19:00:26 GMT
    North Carolina woman arrested in Opelika for stealing the identities of sixteen people.North Carolina woman arrested in Opelika for stealing the identities of sixteen people.
    Schrell Denise Mincey is accused of making fake credit cards using the stolen identities.
    Schrell Denise Mincey is accused of making fake credit cards using the stolen identities.
Powered by WorldNow

1350 13th Avenue
Columbus, GA 31901

Telephone: 706.323.3333
Fax: 706.327.6655
Email: news@wrbl.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.