Industry NewsMortgage

Mortgage rates in limbo

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Mortgage rates held stable this week as doubts about the strength of the economic recovery helped keep worries about inflation in check.Freddie Mac's weekly Primary Mortgage Market Survey showed rates on 30-year fixed-rate mortgages averaging 3.9 percent with an average 0.8 point for the week ending April 19.That's up slightly from 3.88 percent last week, but down from 4.8 percent at the same time a year ago. Rates on 30-year fixed-rate mortgages hit an all-time low in records dating to 1971 of 3.87 percent during the first three weeks of February.Rates on 15-year fixed-rate loans, a popular refinancing option, averaged 3.13 percent with an average 0.7 point, up from 3.11 percent last week but down from 4.02 percent a year ago. Last week's rate was a new low for 15-year mortgages in Freddie Mac records dating to 1991.Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans hit a new low this week, averaging 2.78 percent with an average 0.7 point. That's down from...