30-year Fixed Mortgage Rates Hold Fast
Rates on 30-year mortgages didn’t budge this week, while rates on other home loans were a mixed bag.
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent for the week ending Aug. 7. That was the same as last week’s rate, which marked the second-highest of the year. The highest — 6.63 percent — came the week ending July 24.
Meanwhile, rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, rose to 6.10 percent this week, up from 6.07 percent last week.
Other rates, however, went down. Rates on five-year, adjustable-rate mortgages averaged 6.05 percent this week. That was down slightly from 6.07 percent last week. And, rates on one-year, adjustable-rate mortgages dipped to 5.22 percent, compared with 5.27 percent.
With credit harder to come by, people are finding it more difficult to finance big-ticket purchases such as homes and cars.
“The housing market is continuing to act as a drag on the economy,” said Frank Nothaft, Freddie Mac’s chief economist. With foreclosures at record highs, empty homes are being dumped on top of a glut of unsold homes, adding to builders’ troubles. Deep cutbacks by home builders have taken a bite out of national economic activity.
The mortgage rates do not include add-on fees known as points. The nationwide fee for 30-year mortgages and 15-year mortgages each averaged 0.7 point. Five-year and one-year mortgages each carried an average fee of 0.6 point.
A year ago, rates on 30-year mortgages stood at 6.59 percent, 15-year mortgage rates averaged 6.25 percent, five-year adjustable-rate mortgages were at 6.33 percent and one-year adjustable-rate mortgages stood at 5.65 percent.
MSNBC
Posted: August 7th, 2008 under Money, Mortgage Lending, Personal Finance, Real Estate, US Economy.
Tags: 15 Year Mortgage Rates, 30 Year Fixed Mortgage Rates, 30 Year Fixed Rate Mortgages, Adjustable Rate Mortgages, Chief Economist, Drag On, Economic Activity, Fixed Mortgage Rates, Fixed Rate Mortgages, Freddie Mac, Home Loans, Housing Market, Mortgage Company, Msnbc, Record Highs, Ticket Purchases, Week Ending July, Year Fixed Mortgage, Year Fixed Rate Mortgages, Year Mortgage
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