Industry News

Weekly mortgage rates start year mixed

Various economic reports impact market

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Mortgage rates posted mixed results this week on news of improvement in manufacturing and home sales and a disappointing employment report, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage held steady at an average 6.18 percent, while the 15-year fixed-rate average inched up to 5.94 percent from last week's 5.93 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 6.02 percent this week, with an average 0.4 point, up from last week when it averaged 5.98 percent. The one-year Treasury-indexed ARM averaged 5.42 percent, with an average 0.6 point, down from last week when it averaged 5.47 percent. "Interest rates were flat this past week, reflecting the mixed messages from recent economic indicators," said Frank Nothaft, Freddie Mac vice presid...