Mortgage rates level off, 30-year loans average 4.12%

mortgage-rates-determined-1The cost of getting a mortgage has leveled off, with Freddie Mac saying lenders were offering 30-year fixed-rate home loans this week at an average interest rate of 4.12%. That rate is little changed from the average of 4.15% over the last 10 weeks.

The survey, released Thursday, showed a statistically insignificant decline from the 4.13% average that Freddie Mac reported last week. Interest rates on other types of home loans also leveled off, with the 15-year fixed mortgage averaging 3.23%, down from 3.24% a week ago.

The trend means that solid borrowers are snagging 30-year mortgages at 4.125%, or 4% if they pay lenders the 0.5% of the loan amount that Freddie Mac factors in. Appraisal, title insurance and other third-party expenses are not included in the survey.

Solid borrowers who pay higher points upfront still can obtain 30-year loans in the high 3% range — remarkably cheap by historical standards, though well above the 3.31% average that Freddie’s weekly survey recorded twice in the fall of 2012.

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