Mortgage Rates Hold Steady Near 12-Month Lows
WASHINGTON – Mortgage rates were little changed this week, for the third week in a row, according to Freddie Mac.
The average for the 30-year, fixed-rate loan inched up to 4.51%, from 4.49% last week; while the average for the 15-year mortgage stayed at 3.69%.
Freddie’s chief economist Frank Nothaft noted that rates on 30-year fixed mortgages have hovered around 4.5% for four straight weeks, despite sluggish consumer spending. He pointed to some signs of improvement in the U.S. housing market, including a May rebound in pending home sales.
ARM rates also moved down slightly, with the average for the five-year ARM dipping to 3.22%, from 3.25%; and the average for the one-year ARM declining to 2.95%, from 2.97% last week.