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U.S. mortgage rates hold steady for the week

On the heels of the Federal Reserve’s announcement that it will reduce bond purchases, U.S. mortgage rates largely maintained status quo this week. The average for 30-year fixed rate mortgages rose to 4.48 percent this week from 4.47 percent, according to Freddie Mac data. The average 15-year rate saw similarly slight growth – to 3.52 percent from 3.51 percent week-over-week.

“Slightly higher rates are unlikely to be enough to derail the housing-market recovery as improvement in labor markets and other economic fundamentals keeps the recovery on track,” Gennadiy Goldberg, a strategist at the Midtown West office of Canadian investment firm TD Securities, told Bloomberg News.

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August was a big month for the 30-year mortgage, as the rate reached 4.58 percent and hit a two-year high, Bloomberg reported.

Meanwhile, the Mortgage Bankers Association reported different data for the week. U.S. home mortgage applications fell for the second consecutive week to a 13-year low. Application activity dropped 6.3 percent to the lowest level seen since December 2000, according to the MBA report. [Bloomberg News] — Mark Maurer

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Freddie MacMortgage Bankers AssociationMortgages