Industry NewsMortgage

Little change in home loan rates

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Mortgage rates were largely unchanged this week, according to a survey by Freddie Mac taken before investor reaction to the latest attempt by European leaders to address the region's debt crisis. Stocks soared today on hopes that the plan, which bolsters a European bailout fund, will avert a financial crisis.Most mortgages are funded by investor purchases of mortgage-backed securities, which are seen as a safe haven during times of economic uncertainty. When bonds fall out of favor with investors, their yields rise, driving up interest rates on mortgages.For the week ending Oct. 27, rates on 30-year fixed-rate mortgage (FRM) averaged 4.1 percent with an average 0.8 point, essentially unchanged from 4.11 percent last week, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.This time a year ago, rates on 30-year mortgages averaged 4.23 percent before climbing to a 2011 high of 5.05 percent in February. The most popular loan with homebuyers, the 30-year...