Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

U.S. Mortgage Rates Fall With 30-Year at the 2014 Low

Don't Miss Out —
Follow us on:

Aug. 21 (Bloomberg) -- Mortgage rates in the U.S. dropped for a second week, sending 30-year borrowing costs to the lowest point for 2014.

The average rate for a 30-year fixed mortgage was 4.1 percent, down from 4.12 percent, Freddie Mac said in a statement today. The average 15-year rate slipped to 3.23 percent from 3.24 percent, according to the McLean, Virginia-based mortgage-finance company.

The 30-year rate was last this low at the end of October. It has declined from a two-year high of 4.58 percent last August, helping support home demand. Previously owned houses sold at an annualized rate of 5.15 million in July, up 2.4 percent from the previous month and the most since September, the National Association of Realtors said today.

“The longer rates are down at these levels, the more activity we’re going to get,” Mark Vitner, senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina, said in an interview before the data were released. “They’re helping in some way, but that activity may be less than hoped for.”

Last month’s sales pace was down 4.3 percent from July 2013, figures from the Realtors group show.

To contact the reporter on this story: Prashant Gopal in Boston at pgopal2@bloomberg.net

To contact the editors responsible for this story: Kara Wetzel at kwetzel@bloomberg.net Christine Maurus, Jeffrey St.Onge

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.