Average US 30-year mortgage rate rises to 4.19 percent

Published: Thursday, January 26, 2017 @ 10:18 AM
Updated: Thursday, January 26, 2017 @ 10:17 AM


            This Tuesday, Dec. 6, 2016, photo shows a house for sale, in Miami. On Thursday, Jan. 26, 2017, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Alan Diaz)
This Tuesday, Dec. 6, 2016, photo shows a house for sale, in Miami. On Thursday, Jan. 26, 2017, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Alan Diaz)

Long-term US mortgage rates rose this week after three weeks of declines, marking their first increase of the year.

Mortgage buyer Freddie Mac said Thursday the rate on 30-year fixed-rate loans climbed to an average 4.19 percent from 4.09 percent last week. That was still sharply higher than a 30-year rate that averaged 3.65 percent for all of 2016, the lowest level recorded from records going back to 1971. A year ago, the benchmark rate stood at 3.79 percent.

The average for a 15-year mortgage increased to 3.40 percent from 3.34 percent last week.

Mortgage rates surged in the weeks since the election of Donald Trump in early November. Investors in Treasury bonds bid yield rates higher because they believe the president-elect's plans for tax cuts and higher spending on roads, bridges and airports will drive up economic growth and inflation.

That would depress prices of long-term Treasury bonds because inflation would erode their value over time, a prospect that caused investors to demand higher yields.

In the latest week, the price of the benchmark 10-year Treasury bond dropped, pushing up its yield.

Bond yields move opposite to prices and influence long-term mortgage rates. The yield on the 10-year Treasury note climbed to 2.52 percent Wednesday from 2.42 percent a week earlier. The yield continued its steady march higher since Election Day Nov. 8, when it stood at 1.87 percent. It held steady at 2.52 percent Thursday morning.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage fell this week to 0.4 point from 0.5 point. The fee on 15-year loans also slipped to 0.4 point from 0.5 point.

Rates on adjustable five-year loans eased to 3.20 percent from 3.21 percent. The fee was unchanged at 0.4 point.

US Marine helicopter window falls from sky, injures child

Published: Friday, December 15, 2017 @ 7:47 AM

Helicopter.
Keyur Khamar/US PGA TOUR
Helicopter.(Keyur Khamar/US PGA TOUR)

A 20-pound window of a US Marine Corps helicopter fell off in mid-flight onto a school playing field Tuesday, slightly injuring a child on the Japanese island of Okinawa, CNN reported. 

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US Forces Japan said in a statement that the window of a CH-53 transport helicopter fell onto a sports field at an elementary school outside Marine Corps Air Station Futenma.

"We take this report extremely seriously and are investigating the cause of this incident in close coordination with local authorities," the statement said. "This is a regrettable incident and we apologize for any anxiety it has caused the community."

The child was not seriously injured, CNN reported.

Watch: He’s going to Harvard, and Louisiana student’s reaction is priceless

Published: Friday, December 15, 2017 @ 1:33 AM

VIDEO: Student’s Priceless Reaction to Harvard Acceptance Letter

It has been quite a week for two Louisiana brothers. Both were accepted into big-name colleges, and separate videos of their reactions have gone viral.

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On Tuesday, 16-year-old Ayrton Little and his classmates at T.M. Landry College Preparatory waited as he opened his email to see if he had been accepted into Harvard University’s 2019-2020 class, WAFB reported. The junior’s reaction is priceless when he gets the good news.

His classmates shout “three-peat,” as it is the third consecutive year that a T.M. Landry student has been accepted to Harvard, WAFB reported. 

Ayrton said he plans to major in applied math and computer science.

HARVARD THREE-PEAT!!!! TM Landry gets an acceptance from Harvard three years in a row! HARVARD SAYS YES TO GRADUATING JUNIOR ARYTON LITTLE!!!! Here’s his acceptance video!

Posted by TM Landry College Prep. on Tuesday, December 12, 2017

His celebration came on the heels of a joyous day for his older brother, Alexander Little. On Friday, Alexander got the news that he had been accepted into Stanford University.

Alexander said he plans to major in physics with a minor in computer science.

STANFORD UNIVERSITY SAYS YES TO TM LANDRY SENIOR ALEXANDER LITTLE! Here’s his acceptance video!

Posted by TM Landry College Prep. on Friday, December 8, 2017

Florida man stranded on lake fountain after stolen swan boat drifts away

Published: Friday, December 15, 2017 @ 8:28 AM

Firefighters rescue a man stranded on a fountain in the middle of Lake Eola early Friday.
WFTV.com
Firefighters rescue a man stranded on a fountain in the middle of Lake Eola early Friday.(WFTV.com)

Firefighters rescued a Florida man early Friday who was stranded on Lake Eola’s  iconic Linton E. Allen Memorial Fountain after the swan-shaped paddle boat he allegedly stole drifted away, the Orlando Police Department said.

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Police said they were dispatched to an unknown trouble call shortly after 3:45 a.m. when a person at the Post Parkside apartments reported that a man who was standing on the fountain was shouting for help.

Firefighters donned dry suits and used a different city-owned boat to rescue the stranded man from downtown Orlando’s centerpiece, investigators said.

Police said the man, whose identity hasn't been released, was taken to a hospital for an unknown reason.

Police use Taser on Florida middle school student

Published: Friday, December 15, 2017 @ 4:34 AM

School Resource Officer Uses Taser On Female Student

A school resource officer in Florida used a Taser on a middle school student while trying to break up a fight between her and another female student on Thursday, The Tampa Bay Times reported.

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The fight occurred after school in the bus circle at Morgan Fitzgerald Middle School, the Pinellas Park Police Department said.

The officer tried to break up the fight but one of the students ignored him and resisted, police said. She then "verbally threatened the officer, and then attempted to run,” police said.

The officer then used his Taser to stun the student, the Times reported. She was treated for minor injuries, police said.

The other student involved in the fight boarded her school bus and left campus. School officials will determine what disciplinary action or charges that student could face, the Times reported.