Mortgage rates take a break
Freddie Mac says rates on 30-year slip after hitting highest level this year, expects rates to remain volatile.
NEW YORK (CNNMoney.com) - Mortgage rates took a break nearly across the board after consistent increases over the past five weeks. The average rate on 30-year fixed-rate mortgages decreased to 6.26 percent for the week ending Feb. 23, down from the prior week's 6.28 percent, a Freddie Mac survey said. In the year-ago period, the 30-year mortgage averaged 5.69 percent.
The average rate on 15-year fixed-rate mortgages fell to 5.89 percent, down from 5.91 percent. A year ago, the loan averaged 5.22 percent. Five-year adjustable-rate mortgages averaged 5.96 percent, up slightly from 5.95 percent the prior week. The five-year loan averaged 5.05 percent last year. One-year adjustable-rate mortgages averaged 5.32 percent, down from 5.36 percent from the week before. At this time last year, the one-year loan averaged 4.16 percent. "Tame core inflation figures and market confidence that the Fed will continue to keep inflation low kept mortgage rates in check this week," Frank Nothaft, Freddie Mac vice president and chief economist said in a statement. "Over the long term, we expect mortgage rates will bounce back and forth a bit, remaining near current levels. Based on applications for home purchases in November and December, we also expect that home sales will slow to a more traditional pace in January and February." __________________ What's hot in home design? Click here. Is it worth betting on foreclosures? Click here. |
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