WASHINGTON (10/31/11)--Average rates on 30- and 15-year fixed rate mortgages again held steady for the second week straight, Freddie Mac reported.
Thirty-year mortgages averaged 4.1% during the week ended Oct. 27, and 4.11% during the week ended Oct. 20, and 4.23% this time last year. Fifteen-year mortgages remained at 3.38% for the second straight week. Those types of mortgages averaged 3.66% this time last year.
Thirty- and fifteen-year mortgages reached record lows of 3.94 % and 3.26%, respectively, in the first week of this month, and rates have not increased significantly at any point during the month.
Freddie Mac Chief Economist Frank Nothaft said the fixed mortgage rates followed other long-term interest rates that also remained stable. Housing market indicators were mixed, with consumer confidence soft, house prices largely flat, and new home sales up from very low levels, he added.
Five-year Treasury indexed hybrid adjustable-rate mortgages (ARMs) rose last week, averaging 3.08%. The prior week's average was 3.01%. However, one-year Treasury-indexed ARMs decreased slightly last week, averaging 2.9%. Those ARMs averaged 2.94% during the previous week.
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