Industry NewsMortgage

Mortgage rates stable

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Interest rates on fixed-rate mortgages were largely unchanged this week, while rates on adjustable-rate mortgage (ARM) loans dipped slightly, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. The 30-year fixed-rate mortgage averaged 4.86 percent with an average 0.6 point for the week ending May 14, 2009, up from 4.84 percent last week but down from 6.01 percent a year ago. The 15-year fixed-rate mortgage averaged 4.52 percent with an average 0.6 point, up from 4.51 percent last week but down from 5.6 percent a year ago. Five-year Treasury-indexed hybrid ARMs averaged 4.82 percent with an average 0.6 point, down from 4.9 percent last week and 5.57 percent a year ago. One-year Treasury-indexed ARMs averaged 4.71 percent with an average 0.6 point, down from last 4.78 percent last week and 5.18 percent a year ago. Looking back a week, the Mortgage Bankers Association said loan applications were down a seasonally adjusted 8.6 percent the wee...