U.S. fixed mortgage rates this week held steady amidst continued weak economic and housing data after hitting record lows, according to the Primary Mortgage Market Survey released Thursday by McLean-based Freddie Mac
Freddie Mac (OTC BB: FMCC) said that a 30-year fixed-rate mortgage was 4.22 percent for the week ending Sept. 1, matching last week's figure. Last year at this time, the 30-year fixed averaged 4.32 percent.
The 15-year fixed mortgage averaged 3.39 percent, down from its previous week average of 3.44 percent. A year ago at this time, the 15-year fixed averaged 3.83 percent.
However, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) moved down to a new all-time record low at 2.96 percent from last week's 3.07 percent, the company said.
In addition, the 1-year Treasury-indexed ARM averaged 2.89 percent this week, down from last week when it averaged 2.93 percent.
"Weaker economic data reports eased upward pressure on mortgage rates this week and kept them at or near all-time record lows," said Frank Nothaft, vice president and chief economist of Freddie Mac.
The author of this article is: bizjournals.com
See the original post at: http://www.bizjournals.com/washington/news/2011/09/01/mortgage-rates-holding-low-levels.html
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