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And the yield will likely fall even lower now that the Federal Reserve has said it will continue selling short-term Treasurys and using the proceeds to buy longer-term Treasurys. That goal of the program is to drive long-term interest rates lower to encourage more borrowing and spending. To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week. The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for 30-year loans was 0.7 point, unchanged from last week. The fee for 15-year loans was 0.6 point, down from 0.7. The average rate on one-year adjustable rate mortgages fell to 2.74 percent from 2.78 percent last week. The fee for one-year adjustable rate loans was unchanged at 0.5 point.
[Associated
Press;
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