Mortgage Rates Hold Steady
WASHINGTON – Mortgage rates were mostly unchanged in the latest week, with the average rate on 30-year fixed-rate mortgages edging slightly upward, according to Freddie Mac.
The average for the benchmark 30-year inched up to 4.88% this week, from 4.87% last week; while the average for the 15-year, fixed-rate mortgage was unchanged at 4.15%.
ARM rates were mixed, with the average for the five-year ARM inching up to 3.73%, from 3.72%; and the average for the one-year ARM tipping down to 3.21%, from 3.23% last week.
“Mortgage rates saw an overall improvement this week,” said Frank Nothaft, chief economist for Freddie Mac. “However, housing demand still remains weak.”
Mortgage applications in the U.S. fell 6.5% last week, according to a Mortgage Bankers Association’s index, which covers about half of all U.S. retail residential mortgage originations. The group’s purchase index decreased 6.1% in the week ended Feb. 25, and its refinancing gauge declined 6.5%.