Mortgage rates retreat amid political turmoil in Washington

Washington

MORTGAGE rates retreated for the second time in three weeks following turmoil in Washington. According to the latest data released on Thursday by Freddie Mac, the 30-year fixed-rate average fell to 4.02 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 4.05 per cent a week ago and 3.58 per cent a year ago.

The 15-year fixed-rate average dropped to 3.27 per cent with an average 0.5 point. It was 3.29 per cent a week ago and 2.81 per cent a year ago. The five-year adjustable rate average slipped to 3.13 per cent with an average 0.5 point. It was 3.14 per cent a week ago and 2.80 per cent a year ago.