Mortgage rates flat on mixed economy newsLong-term rates steady after 3 week rise; 30-year fixed stands at 6.18 percent.NEW YORK (CNNMoney.com) -- Mortgage rates held steady for the first time in four weeks in light of mixed economic news, according to a survey released Thursday. The 30-year fixed mortgage rate averaged 6.18 percent in the week ended Jan. 4, unchanged from the previous week, according to Freddie Mac's (up $0.26 to $68.15, Charts) Primary Mortgage Market Survey.
Last year at this time, the 30-year fixed-rate mortgage averaged 6.21 percent. "Interest rates were flat this past week, reflecting the mixed messages from recent economic indicators," said Frank Nothaft, Freddie Mac vice president and chief economist. "The recently released manufacturing report showed an improvement, and while construction spending for November was down, it was still better than expected," Nothaft said. "On the other hand, a private sector employment report suggested that the labor market was weaker than anticipated," he said. Rates of other mortgages edged higher. The 15-year fixed mortgage this week averaged 5.94 percent, up slightly from 5.93 percent last week. A year ago, it averaged 5.76 percent. Rates for 5-year adjustable-rate mortgages averaged 6.02 percent, up from 5.98 percent last week. A year ago, the five-year ARM averaged 5.78 percent. But the one-year ARMs averaged 5.42 percent, down from 5.47 the previous week. At this time last year, the one-year ARM averaged 5.16 percent. "Currently the market is waiting for a clearer signal on the direction in which the economy is heading, and that may come on Friday when the December employment report is released," Nothaft said. ------------------------------------------------------------------- Manhattan real estate cools off Help! Home for sale - the Otts Find mortgage rates in your area |
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