Mortgage Rates Holding Steady at Lows for the Year

Mortgage rates remained little changed for the fourth straight week, according to Freddie Mac’s weekly Primary Mortgage Market Survey (PMMS).

The average rate on 15-year fixed mortgages held steady at 3.69 percent, while the 30-year fixed rate mortgage ticked up ever so slightly, to 4.51 percent from 4.50 percent. The 5-year adjustable rate mortgage (ARM) rate hit a new record low, dropping a smidge to 3.22 percent from 3.25. The previous record for 5-year ARM rates was set in November of 2010, at 3.25 percent.

“Interest rates on 30-year fixed mortgages hovered around 4.5 percent for the fourth consecutive week following mixed reports on the strength of the economy,” said Frank Nothaft, vice president and chief economist of Freddie Mac.

“There were some signs of improvement in the housing market,” Nothaft added.  “However, much of the improvement reflected the seasonal increase in homebuying over the spring-summer period.”



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