Mortgage rates post slight gain
Rates on 30-year mortgages averaged 6.10% this week, as loan applications slow in face of credit crisis.
NEW YORK (CNNMoney.com) -- Rates on 30-year mortgages rose from last week as loan applications slowed in the face of turbulence in the banking and finance sectors.
"Average mortgage rates were nearly unchanged during the past week, leaving rates above the levels of two weeks ago," said Frank Nothaft, Freddie Mac vice president and chief economist in a statement.
"Reflecting the rate uptick from two weeks ago, the Mortgage Bankers Association reported that loan applications were down 23% last week," Nothaft said.
Rates on 15-year fixed-rate mortgages rose to 5.78%, up from 5.77% last week. A year ago, the rate was 6.03%
The five-year adjustable-rate mortgage fell to 6.00%, down from last week at 6.02%. A year ago, the rate was 6.11%.
The rate on a one-year adjustable-rate mortgage fell to 5.12%, compared to 5.16% last week. At this time last year, the rate was 5.58%.
The housing market is troubled by falling home prices and a glut of foreclosures. This week, the Standard & Poor's/Case-Shiller 20-city housing index fell a record 16.3%.