Industry News

Weekly long-term mortgage rates hold steady

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Mortgage rates were in a holding pattern this week, barely moving from last week's averages, according to surveys from Freddie Mac and Bankrate, despite speeches from Federal Reserve Chairman Ben Bernanke and U.S. Treasury Secretary Henry Paulson about the economic effects of the slumping housing market. In Freddie Mac's survey, average rates on 30-year fixed-rate mortgages were unchanged from last week at 6.4 percent, while average rates on 15-year fixed-rate mortgages were up slightly at 6.08 percent from 6.06 percent a week ago. Points on 30-year and 15-year mortgages averaged 0.5 and 0.6, respectively. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 6.11 percent this week, with an average 0.5 point, down slightly from last week when it averaged 6.12 percent. One-year Treasury-indexed ARMs averaged 5.76 percent this week with an average 0.6 point, up from last week when it averaged 5.73 percent.  At this time last year, the 1-year ARM averaged 5.57 percent....