Rates on 30-year mortgages were unchanged this week, staying near the lowest levels for the year.
Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.16 percent, the same as last week.
That rate compared to the low for the year of 6.14 percent, set during the first two weeks of March. That was the lowest point for 30-year mortgages since they averaged 6.13 percent the week of Dec. 21.
Analysts said financial markets are trying to process mixed data about whether the slowdown in housing is in danger of deepening and dragging overall economic growth down further.
Frank Nothaft, chief economist for Freddie Mac, said the troubles in the subprime real estate market, which provides loans to borrowers with weak credit, did not seem to be having an impact on mortgage rates so far.
“Despite concerns about possible spillovers from the troubles in the subprime market, rates on 30-year, fixed-rate mortgages remained stable,” he said.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, dipped slightly this week to 5.86 percent, down from 5.90 percent.
Five-year adjustable rate mortgages averaged 5.88 percent, down from 5.91 percent last week.
One-year adjustable mortgages edged up to 5.43 percent, compared to 5.40 percent last week.
A year ago, rates on 30-year mortgages stood at 6.35 percent while 15-year mortgages were at 6.00 percent, five-year adjustable rate mortgages averaged 6.02 percent and one-year ARMs were at 5.51 percent.
Send your real estate news to Mike Benbow, Business editor, The Herald, P.O. Box 930, Everett, WA 98206, by fax at 425-339-3435 or by e-mail at economy@heraldnet.com.
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