McLEAN, Va. – Long-term mortgage rate held steady this week, with the benchmark 30-year average flat at 6.24%, according to Freddie Mac.
The average for 15-year, fixed-rate home loans also were little changed, dipping to 5.88%, from 5.90%.
ARM rates were mixed, with the average for the one-year ARM holding steady at 5.50%, but the average for the five-year ARM climbing to 5.96%, from 5.89% last week.
"Higher productivity growth in the third quarter coupled with a larger-than-expected decline in consumer confidence in November sent mixed signals" on the economy, said Frank Nothaft, chief economist for the secondary mortgage market giant. “As a result, there were no definite upward or downward pressures on mortgage rates this week.”
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