Mortgage Rates Hold Steady
WASHINGTON – Long-term mortgage rates were little changed from last week, holding steady at year-long lows.
The average for the benchmark 30-year loan was 4.50% this week, compared to 4.49% last week; while the average for the 15-year mortgage was 3.67%, compared to 3.68% last week, according to Freddie Mac.
ARM rates were also little changed, with the average for the five-year ARM moving to 3.27%, from 3.28%; and the average for the one-year ARM moving to 2.97%, from 2.95% last week.
Freddie Chief Economist Frank Nothaft said rates were holding relatively steady after market participants shrugged off recent inflation reports. Price indexes for May increased in line with expectations.