Mortgage rates remain stable this week
Low inflation and positive economic news kept mortgage rates relatively stable this week, according to Freddie Mac. Today the company reported the 30-year fixed-rate mortgage averaged 4.81 percent for the week, up slightly from 4.80 percent last week.
Although the rate was up slightly on the 30-year product, the average rate on the 15-year fixed-rate mortgage was down, averaging 4.08 percent compared to 4.09 percent last week.
Rates were also mixed on short-term mortgages. The five-year adjustable-rate mortgage averaged 3.69 percent, down from 3.70 percent last week. The one-year ARM averaged 3.26 percent, the same as last week.
Frank Nothaft, Freddie Mac vice president and chief economist, spoke about the positive economic indicators and the low inflation that affected this week’s rates.
“In the fourth quarter, the economy grew at a 3.2 percent annualized rate, compared to 2.6 percent in the third quarter, and was led by a 4.4 percent gain in consumer spending. In addition, the core price index for consumer expenditures rose by an annualized rate of 0.4 percent, which was the smallest increase ever since records began in 1959.”
February 3, 2011 | Share: