Mortgage Rates Steady

McLEAN, Va. – Long-term mortgage rates remained steady this week, for the fourth week in a row, with the benchmark 30- and 15-year rates inching up a single basis point, according to Freddie Mac. The average for the 30-year, fixed-rate loan rose to 6.17% this week, from 6.16% last week; while the average for the 15-year, fixed-rate mortgage moved to 5.87%, from 5.86%. ARM rates were mixed, with the average for the one-year ARM also rising a single bp to 5.44%; and the average for the five-year ARM climbing to 5.92%, from 5.88% last week Mortgage rates have remained within a narrow band of 0.1% points over every week in March, said Frank Nothaft, chief economist for Freddie Mac. This relative stability is due to mixed economic data releases as to how strong the economy is and whether future inflation will recede.”