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by CareyBot

Long-term mortgage rates barely budged this week, mirroring last week's activity, Freddie Mac reported today. The average rate on 30-year fixed loans held steady at 5.88 percent, while the average rate on 15-year fixed loans dipped to 5.4 percent from last week's 5.42 percent. A year ago the 30-year fixed averaged 6.17 percent and the 15-year averaged 5.89 percent. To qualify for these rates, borrowers must pay points, or fees that lenders charge for loan processing expressed as a percent of the loan, which this week averaged 0.4 and 0.5, respectively, on the 30- and 15-year loans. "Interest rates for fixed-rate mortgages held relatively steady for a second week, while ARM rates continued to decline amid market speculation that the Federal Reserve (Fed) may cut rates again...