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Personal Finance > Your Home
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Mortgage rates hold
The 30-year and 15-year fixed-rate mortgages log minimal rise; ARM unchanged from last week.
January 23, 2003: 11:58 AM EST

NEW YORK (CNN/Money) - Long-term mortgage rates rose minimally, while the one-year adjustable rate mortgage held steady, lender Freddie Mac said Thursday.

The 30-year mortgage averaged 5.97 percent for the week ending Jan. 17, with an average of 0.6 of a point payable up front to the lender, up slightly from 5.95 percent last week but well below its 6.83 percent average of a year ago.

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The 15-year fixed-rate mortgage averaged 5.36 percent, up a bit from 5.33 percent last week and 6.31 percent last year. The 15-year mortgage averaged 0.6 of a point payable up front to the lender.

One-year adjustable-rate mortgages (ARMs), loosely indexed to the 10-year Treasury note, averaged 4.03 percent. The one-year ARM was unchanged from last week and averaged 0.7 of a point payable up front. A year ago, the one-year ARM averaged 5.08 percent.

"Mortgage rates were largely unchanged this week, amid a sobering December jobs report and growing tensions in the (Middle East) and the Korean peninsula," said Frank Nothaft, Freddie Mac chief economist. "Disappointing retail sales, a struggling manufacturing sector, and mild business investment are all holding mortgage rates in the six-percent range."

Freddie Mac's average mortgage rates are based on a survey of 125 lenders nationwide. The rates include those on mortgages accepted by borrowers with good credit ratings who place a 20 percent down payment on their homes, according to Freddie Mac. The total amount of each mortgage considered for the survey doesn't exceed a $300,700 limit.

Freddie Mac (FRE: down $0.69 to $60.97, Research, Estimates), or Federal Home Loan 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.

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.