Mortgage rates were largely unchanged this week because of mixed economic reports. Typically, bad news pushes rates lower and vice versa.
The popular 30-year fixed mortgage went nowhere fast this week as it averaged 4.50 percent, unchanged from a seven days earlier, according to mortgage financier Freddie Mac.
It had fallen for eight consecutive weeks before rising a single basis point last week, and now appears to have settled in on a nice round number.
A year ago it averaged 4.69 percent, so it’s been pretty steady for a while now.
(Do mortgage rates change daily?)
Meanwhile, the 15-year fixed inched up to 3.69 percent from 3.67 percent, but is still well below the 4.13 percent average of a year ago.
(30-year fixed mortgage vs 15-year fixed mortgage)
Adjustable-rate mortgages were a mixed bag, with the 5/1 ARM slipping to 3.25 percent from 3.27 percent, and the one-year ARM climbing to 2.99 percent from 2.97 percent.
Last year at this time, the 5/1 ARM averaged 3.84 percent and the one-year ARM stood at 3.77 percent.
Average mortgage points were 0.8 on the 30-year, 0.7 on the 15-year, 0.6 on the 5/1 ARM, and 0.5 on the one-year ARM.
The interest rates above are good for conforming loan amounts at 80 percent loan-to-value; pricing adjustments may increase or lower the rate you ultimately receive, and mortgage points must also be paid.
Jumbo loans continue to price a half percentage point or more higher than conforming mortgages.
Read more: What mortgage rate can I expect?
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- 30-Year Fixed vs. 5/1 ARM
Tags: Fixed Mortgage, Mortgage Rates, Rates
Posted June 21, 2011 by Admin under Financial Guru