Industry NewsMortgage

30-year loans still cheaper than a year ago

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Fixed rates stable, ARM rates up on Fed uncertainty Freddie Mac reports that rates on 30-year fixed-rate mortgages averaged 6.45 percent with an average 0.6 point for the week ending June 26, up from 6.42 percent last week but down from 6.67 percent a year ago. The rate was the highest since Aug. 23, 2007, when it averaged 6.52 percent. Rates on 15-year fixed-rate mortgages averaged 6.04 percent with an average 0.6 point, up from 6.02 percent last week but down from 6.34 percent a year ago. Fixed-rate mortgages remained stable this week while adjustable-rate mortgages rose slightly due to uncertainty about this week's Federal Reserve's Open Market Committee meeting, Freddie Mac Chief Economist Frank Nothaft said.Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.99 percent, with an average 0.7 point, up from 5.89 percent a week ago but down from 6.30 percent a year ago. One-year Treasury-indexed ARMs averaged 5.27 percent, up from 5.19 percent a wee...