Industry News

Weekly mortgage rates flat

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Mortgage rates this week were mostly flat on lack of significant economic news, Freddie Mac reported today in its weekly survey. According to Freddie Mac, the 30-year fixed-rate mortgage held at an average 6.14 percent, while the 15-year fixed-rate mortgage inched up from 5.86 percent to 5.88 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans. "Mortgage rates moved little in the past week, as the latest economic news gave no reason for change," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement. "The economy added 97,000 jobs in February, in line with consensus expectations, while the unemployment rate dipped to 4.5 percent. But the promising employment situation did not materialize at the cash registers, with retail sales only growing by 0.1 percent in February, falling short of the 0.3 percent gain that had been predicted." Adjustable-rate loans po...