US mortgage rates take a small dip in past week

The average 30-year fixed-rate mortgage took a minor hit in the week ending today, dropping to 4.42 percent from 4.46 percent week-over-week, according to data from Freddie Mac. 

During that seven-day stretch last year, rates were even lower, averaging 3.32 percent. Among the economic data released last week was a report that the U.S. unemployment rate had dropped to 7 percent, the Wall Street Journal reported.

Average rates for 15-year fixed-rate mortgages followed a similar pattern, falling to 3.43 percent for the latest week, down from 3.47 percent the week before and up from 2.66 percent during the same period in 2012.

Eighty-three percent of American homebuyers consider a “normal” rate for a 30-year fixed-rate mortgage loan to be under 5 percent, according to recent data from Redfin. [WSJ] — Mark Maurer