McLEAN, Va. – Mortgage rates were little changed this week, as economic indicators gave mixed signals, according to Freddie Mac.
The average for the 30-year, fixed-rate loan ticked up slightly to 6.37%, from 6.35% last week; while the average for the 15-year, fixed-rate mortgage tipped down to 5.91%, from 5.92% last week.
ARM rates were also little changed, with the average for the five-year ARM moving slightly higher to 5.82%, from 5.78% last week, and the average for the one-year ARM unchanged at 5.17%.
"In the housing sector, economic reports were mixed this week. Pending sales for existing homes fell more than expected in May, but April's increase was revised even higher, according to the National Association of Realtors," said Frank Nothaft, chief economist for Freddie Mac.
"Offsetting this decline, the number of mortgage applications for home purchases over the week ending July 4 was nearly 10% above the over five-year low set just two weeks prior, despite the holiday break," he added.
