Mortgage rates flatline as housing market slows

U.S. mortgage rates flatlined this week. After recently increasing, fixed mortgage rates stalled as the housing market continues to slow, according to the Washington Post.

Freddie Mac data showed the 30-year fixed-rate average remained at 3.83 percent with an average 0.6 point, same as a week ago, according to the Washington Post. Last year it was at 3.42 percent. The 15-year fixed-rate average was also flat, at 3.13 percent with an average 0.5 point. It was 2.72 percent a year ago.

Meanwhile the five-year adjustable rate average rose to 3.20 percent, from 3.17 percent last week, with an average 0.5 point. It was 2.81 percent a year ago.

With home prices and mortgage rates on the rise overall, the housing market is expected to slow even further, according to the Washington Post. In August, pending homes sales fell 2.6 percent and existing sales of homes fell 1.7 percent. Both measures have declined in four of the past five months. New home sales dropped 1.7 percent, according to the Washington Post.

The refinance share of mortgage activity accounted for 50.8 percent of all applications, according to the Washington Post. [The Washington Post] – Amanda Rabines