Mortgage Rates Hold Steady

McLEAN, Va.–Long-term mortgage rates were stable this week, with the average for the benchmark 30-year, fixed-rate loan climbing a single basis point to 6.46% from last week, according to Freddie Mac. The average for the 15-year, fixed-rate mortgage also moved up slightly to 6.15%, from 6.12% last week. ARM rates fell, with the average for the five-year ARM declining to 5.74%, from 5.84% last week; and the average for the one-year ARM slipping to 6.32%, from 6.35%. “Over the past week, long-term mortgage rates were largely unchanged as the most recent economic news showed smaller increases than had been expected,” said Frank Nothaft, Freddie Mac chief economist. “For instance, core personal consumption expenditure price index rose at an annualized rate of only 1.3% in the second quarter and July's consumer spending data showed a 1.9% gain in the core price index for the twelve months ending in July.”