The average rate on a 30-year fixed-rate mortgage stood unchanged for the third straight week, according to mortgage financier Freddie Mac.
The popular mortgage program averaged 6.52 percent for the week ending August 14, the same level it’s been for the previous two weekly interest rate surveys.
“Mortgage rates held relatively steady for the second week in a row amid offsetting economic data releases,” Freddie Mac chief economist Frank Nothaft said in a statement.
“For instance, consumer credit grew by $14 billion in June, more than twice the market consensus, but retail sales were weaker in July.”
The 15-year fixed also displayed little movement, falling just three basis points to 6.07 percent.
Adjustable-rate mortgages were no different, with the average five-year ARM falling to 6.02 percent from 6.05 percent last week, and the one-year shedding four basis points to average 5.18 percent.
A year ago, the 30-year averaged 6.62 percent, and 15-year 6.30 percent, the five-year 6.35 percent, and the one-year 5.67 percent.
Freddie’s weekly mortgage rate survey uses data from conforming mortgages with a loan-to-value of 80 percent.
(photo: goldberg)
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