Market confusion keeps mortgage rates flat
The 30-year mortgage rate is roughly flat at 6.63 percent as market weighs potential for inflation versus economic slowdown.
Mortgage rates stayed relatively unchanged this week after contradictory economic data left the bond market unsure over the direction the economy. The average rate on 30-year fixed-rate mortgages was 6.63, for the week ending June 15, from the prior week’s 6.62 percent — that had been the highest level since June 2002, according to Freddie Mac’s mortgage survey. In the year-ago period, the 30-year mortgage rate averaged 5.63 percent.
The average rate on 15-year fixed-rate mortgages rose to 6.25 percent from 6.23 percent last week. A year ago, that loan averaged 5.22 percent. Five-year adjustable-rate mortgages averaged 6.23 percent, 0.03 higher than last week. The five-year ARM averaged 5.10 percent last year. The average one-year adjustable-rate mortgage rose to 5.66 percent from 5.63 percent. At this time last year, the one-year loan averaged 4.25 percent.
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