Industry News

Mortgage rates stuck in narrow range

Weakness in housing counteracts stock market gains, surveys find

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Mixed economic indicators caused long-term mortgage rates to move sluggishly this week, according to surveys conducted by Freddie Mac and In Freddie Mac's survey, the 30-year fixed-rate mortgage held at an average 6.73 percent, while the 15-year fixed-rate mortgage dipped to 6.38 percent from 6.39 percent a week ago. 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. Adjustable-rate mortgage (ARM) costs were also mixed this week, with the five-year Treasury-indexed hybrid ARM holding at 6.35 percent and the one-year ARM inching up from 5.71 percent to 5.72 percent. Points on these loans averaged 0.5. "In a week marked by stock indexes reaching new highs on Wall Street, mortgage rates lingered near the previous week's level as the latest economic indicators did not affect inflation expectations significantly," Frank Nothaft, Freddie Mac vice president and chief economist, said i...