Industry NewsMortgage

Mortgage rates stable

Inflation stays in check as economy improves

Mortgage rates were little changed this week on news that the economy improved and inflation remained in check at the end of 2010, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.The economy grew at an annual rate of 3.2 percent during the fourth quarter, up from 2.6 percent in the third quarter, Freddie Mac Chief Economist Frank Nothaft said, while the core price index for consumer expenditures rose by an annualized rate of 0.4 percent -- the smallest increase since records began in 1959.Rates on 30-year fixed-rate mortgages averaged 4.81 percent with an average 0.8 point for the week ending Feb. 4, essentially unchanged from 4.8 percent last week but down 5.01 percent from a year ago. The 30-year fixed-rate mortgage hit a low in records dating to 1971 of 4.17 percent during the week ending Nov. 11.The 15-year fixed-rate mortgage was also stable, averaging 4.08 percent with an average 0.8 point, compared with 4.09 percent last week and 4.4 percen...

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