Industry NewsMortgage

Freddie Mac: Mortgage rates flat this week

Costs on adjustable loans continue to fall

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Long-term mortgage rates barely budged this week, mirroring last week's activity, Freddie Mac reported today. The average rate on 30-year fixed loans held steady at 5.88 percent, while the average rate on 15-year fixed loans dipped to 5.4 percent from last week's 5.42 percent. A year ago the 30-year fixed averaged 6.17 percent and the 15-year averaged 5.89 percent. To qualify for these rates, borrowers must pay points, or fees that lenders charge for loan processing expressed as a percent of the loan, which this week averaged 0.4 and 0.5, respectively, on the 30- and 15-year loans. "Interest rates for fixed-rate mortgages held relatively steady for a second week, while ARM rates continued to decline amid market speculation that the Federal Reserve (Fed) may cut rates again at its upcoming Committee meeting," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. "March's housing starts were the lowest since March 1991 and consu...