McLEAN, Va. – Long-term mortgage rates were virtually unchanged this week, as the housing market continued to stagnate, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate mortgage remained unchanged this week at 6.52%; while the average for the 15-year, fixed-rate loan inched up slightly to 6.10%, from 6.07% last week.
ARM rates moved slightly downward, with the average for the five-year ARM slipping to 6.05%, from 6.07%; and the average for the one-year ARM dipping to 5.22%, from 5.27% last week.
"The housing market is continuing to act as a drag on the economy," said Frank Nothaft, chief economist for Freddie Mac.
He noted last week's Commerce Department report on U.S. second-quarter gross domestic product that said residential fixed investment had fallen for 10 straight quarters.
