NEW YORK (CNNfn) - Mortgage rates in the latest week were virtually unchanged from the previous week, with just the one-year adjustable-rate mortgages dipping lower.|
According to Freddie Mac, the benchmark 30-year fixed-rate mortgage remained unchanged from the previous week at 7.00 percent for the week ending Aug. 10. A year ago, the same rate stood at 8.04 percent.
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The average this week for the 15-year fixed-rate mortgage was 6.54 percent, unchanged from last week's average. A year ago, the same rate stood at 7.75 percent.
One-year adjustable-rate mortgages (ARMs) averaged 5.70 percent, down from last week's average of 5.77 percent. The same mortgage averaged 7.28 percent at this time last year.
"Long-term mortgage rates, virtually unchanged from last week's figures, reflect the lack of any substantive inflation fears in economic markets this week," said Robert Van Order, Freddie Mac chief economist.
"This on-going affordability of mortgage rates continues to fuel the housing market, which may help keep the overall economy out of serious trouble until the manufacturing sector gets back on its feet again, Van Order said."
[Click here for a breakdown of U.S. mortgage rates by region]
Freddie Mac (FRE: Research, Estimates), or Federal Home Mortgage Corp., is a publicly traded company the government established in 1970 to provide a flow of funds to mortgage lenders.
It buys mortgages from banks, bundles them and then resells them as mortgage-backed securities. Its products, and the products of other similar entities, have become increasingly popular as an alternative to government-backed bonds, particularly with international investors.