Industry News

Mortgage rates remain in limbo

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Long-term mortgage rates were virtually unchanged this week, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.72 percent for the week ended today, up from 5.68 percent last week. The average for the 15-year fixed-rate mortgage this week is 5.03 percent, up from last week's average of 4.97 percent. Points on both the 30- and 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 3.61 percent this week, with an average 0.6 point, up from 3.59 percent last week. "Shrugging off statements by the Fed last week, mortgage rates remained relatively more stable than bond market yields," said Amy Crews Cutts, Freddie Mac's deputy chief economist. "Without a key indicator that would move it one way or another, the financial market is in something of a state of limbo. "The prime missing ingredient to sustainable growth is jobs, so January's employment report, due ...