Mortgage rates stay at recent lows: Freddie

Home mortgage rates last week remained steady near recent lows, including a record low for the 15-year fixed-rate loan, Freddie Mac determined, according to the Wall Street Journal. The 30-year fixed-rate mortgage average rose slightly to 4.79 percent for the week that ended Thursday, according to Freddie’s weekly survey. In the previous week, the average rate was 4.78 percent, the lowest
since December. The year-ago average for the 30-year home loan stood at 5.29 percent. “The economy grew at a slower rate than originally reported in the first three months of the year… which suggests inflation will remain tame in the near term,” said Frank Nothaft, Freddie Mac’s chief economist, referring to revised data on U.S. gross domestic product. “As a result,” he said, “mortgage rates held at historic levels this week.” Rates on 15-year fixed-rate mortgages averaged 4.2 percent, down from 4.21 percent in the prior week. [WSJ]