Mortgage Rates Mostly Hold Steady This Week

July 22, 2011

Mortgage rates continue to hover around yearly lows and were mostly unchanged this week, amid mixed economic and housing reports, Freddie Mac reports in its latest mortgage market survey for the week ending July 21.

"Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up," Freddie Mac Chief Economist Frank Nothaft says. Nothaft also noted that consumer sentiment dropped to its lowest level since March 2009.

Here’s a closer look at how rates fared for the week:

30-year fixed-rate mortgage: averaged 4.52 percent for the week, up slightly from last week’s 4.51 percent. One year ago at this time, the 30-year rate averaged 4.56 percent.

15-year fixed-rate mortgage: averaged 3.66 percent, up slightly from last week’s 3.65 percent. Last year at this time, the 15-year rate averaged 4.03 percent.

5-year adjustable-rate mortgage: averaged 3.27 percent, down from last week’s 3.29 percent. Last year at this time, the 5-year ARM averaged 3.79 percent.

1-year ARM: averaged 2.97 percent, up from last week’s 2.95 percent. One year ago, the 1-year ARM stood at 3.70 percent.

Source: “30-Year Fixed-Rate Mortgage Ticks Up to 4.52 Percent,” Freddie Mac (July 21, 2011)