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Fixed mortgage rates stand still

Fixed mortgage rates stand still

Interest rates largely unchanged

Mortgage rates remained largely unchanged on a weekly basis, mortgage giant Freddie Mac revealed in its latest weekly mortgage report this week.

According to Freddie Mac’s Primary Mortgage Market Survey for the week ending September 12, 2013, interest rates for both 15-year and 30-year fixed rate mortgages held steady week-over-week and thus remained near yearly highs.

Average rates for 30-year fixed mortgages came in at 4.57 percent, while 15-year fixed mortgages averaged 3.59 percent. Both rates equaled those from one week earlier.

“Mortgage rates were little changed this week following a mixed employment report,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement. “For example, the economy added 169,000 jobs in August, which was below the market consensus forecast, and revisions subtracted another 74,000 from the prior two months.”

Nothaft continued: “Meanwhile, the unemployment rate fell to 7.3 percent which was the lowest since December 2008.”

ARM rates fall

Interest rates for adjustable-rate mortgages (ARMs) dropped on a weekly basis, Freddie Mac said.

In this latest data, average rates for 5-year ARMs dropped from 3.28 percent to 3.22 percent week-over-week, while 1-year ARMs fell to an average of 2.67 percent – from 2.71 percent – on a weekly basis.

Source: Freddie Mac

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Posted in: Mortgage, Mortgage Rates, Refinance, Refinance Rates

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