Mortgage Rates Remain Close to Record Lows
Mortgages rates rose, but remain near record lows, the U.S. Federal Home Loan Mortgage Corp. said Thursday. Average interest rates for fixed-rate 30-year contracts rose off 59-year lows to 4.21 percent a week ago. The average rate in the week ending Oct. 28 rose for the second consecutive week to 4.23 percent with 0.8 points, Freddie Mac said. Rates for 30-year contracts have remained under 5 percent for 25 consecutive weeks.
Rates on 15-year fixed-rate contracts rose from 3.64 percent to 3.66 percent with 0.7 points. Rates for five-year adjustable-rate mortgages a year ago stood at 4.46 percent. Rates for 30-year mortgages a year ago averaged 5.03 percent.
Freddie Mac Vice President and Chief Economist Frank Nothaft said, "Mixed economic data releases left mortgage rates little changed."
"Consumer confidence increased slightly ... but still remains at low levels," he said. Housing prices fell 0.3 percent from July to August, "while the purchase-only index by the Federal Housing Finance Agency showed a 0.4 percent gain over the same period," Nothaft said.