Mortgage Rates Unchanged Over the New Year

McLEAN, Va. – Longterm mortgage rates held steady this week, with the average for the benchmark 30-year, fixed-rate loan holding at 6.18%, the same as last week; and the average for the 15-year, fixed-rate mortgage rising slightly to 5.94%, from 5.93%, according to Freddie Mac. ARM rates were mixed, with the average for the one-year ARM declining to 5.42%, from 5.47% last week; and the average for the five-year ARM rising to 6.02%, from 5.98%. Interest rates were flat this past week, reflecting the mixed messages from recent economic indicators, said Frank Nothaft, chief economist for Freddie Mac. As a result, 30-year fixed-rate mortgage rates started off the year at about the same level as this time last year. Currently the market is waiting for a clearer signal on the direction in which the economy is heading, and that may come on Friday when the December employment report is released.”