McLEAN, Va. – Long-term mortgage were almost unchanged for the second straight week in the face of some conflicting economic signals, according to Freddie Mac.
The average for the 30-year, fixed-rate mortgage held steady at 6.52% for the third straight week; while the average for the 15-year, fixed-rate loan dropped slightly to 6.07% this week, from 6.10% last week.
ARM rates declined slightly, with the average for the one-year ARM slipping to 5.18%, from 5.22% last week; and the average for the five-year ARM falling to 6.02%, from 6.05%.
“Mortgage rates held relatively steady for the second week in a row amid offsetting economic data releases," said Frank Nothaft, chief economist for Freddie Mac. "For instance, consumer credit grew by $14 billion in June, more than twice the market consensus, but retail sales were weaker in July."
