Mortgage rates stumble heading into the new year

Washington

A WEEK after soaring to their highest levels in months, mortgage rates in the US retreated to where they had been hovering for the past several weeks.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 3.95 per cent with an average 0.5 point. (Points are fees paid to a lender equal to one per cent of the loan amount.) It was 3.99 per cent a week ago and 4.20 per cent a year ago.

The 15-year fixed-rate average tumbled to 3.38 per cent with an average 0.5 point. It w…