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Mortgage interest rates hold steady

Fill in the loan

Fill in the loan Credit: iStock

Mortgage interest rates showed little movement compared to last week, according to Freddie Mac. The average rate for a 30-year fixed-rate home was 3.55 percent with an average 0.7 point, a modest decline from last week’s average of 3.59 percent. A year ago, the average was 4.12 percent.

For the 15-year fixed-rate mortgage, a popular option for refinancing, the average held steady at 2.86 percent with an average 0.6 point. Last year at this time, the average rate was 3.33 percent.

As rates remain near record lows, U.S. home prices have been improving. Prices rose for five straight months ending in July and increased 1.3 percent from June to July, according to real estate data provider CoreLogic.

Meanwhile, the news for the Long Island housing market is mixed. The Multiple Listing Service of Long Island reports that in Nassau County, the closed median sale price has shown a month-over-month increase each month from April to July, but prices were down in each of those months compared to last year’s prices for the same months.

The closed median sale price for Suffolk rose each month from April to July, as well, and showed a year-over-year improvement in both June and July after declines earlier in the year, MLSLI data shows.

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