Mortgage rates steady as economy stalls

Mortgage interest rates remained flat this week, averaging 4.37 percent for the 30-year and 3.82 percent for the 15-year fixed-rate mortgage, according to data from Freddie Mac through Sept. 23. For the 15-year mortgage, that figure tied a record low and was down from 4.46 percent at the same time last year, while the 30-year mortgage’s rate dropped from 5.04 percent year-over-year. Meanwhile, the five-year Treasury-indexed hybrid adjustable-rate mortgage was down slightly, by 0.1 percent week-over-week, coming in at 3.54 percent, and its one-year counterpart averaged 3.46 percent, up from 3.40 percent one week prior. Frank Nothaft, vice president and chief economist at Freddie Mac, attributed the still-low interest rates to a combination of economic conditions and consumer confidence. “The perception of slow growth and low inflation removed any upward pressure on fixed mortgage rates this week,” he said. TRD