Mortgage rates hold steady on uncertain economic data
Fixed-mortgage rates held steady on mixed economic reports this past week, Freddie Mac said Thursday. Still, fixed rates hovered near their 60-year lows. Freddie's Primary Mortgage Market Survey showed the 30-year, fixed-rate mortgage averaging 4.11%, down from 4.12% a week earlier and 4.21% a year ago. In addition, the 15-year, FRM hit 3.38%, up slightly from 3.37% a week ago and down from 3.54% last year. Frank Nothaft, vice president and chief economist of Freddie Mac, said mixed economic data left mortgage rates mostly unchanged. "Retail sales were up 1.1% from September, almost four times the pace set in August," he said. However, he noted the consumer sentiment fell in the Thomson Reuters/University of Michigan Index, leading to mixed economic reports in the market. Adjustable rates moved more than fixed rates during the period. The five-year, Treasury-indexed hybrid adjustable-rate mortgage hit 3.01%, down from 3.06% a week earlier and 3.45% from last year. In addition, the one-year, Treasury-indexed ARM averaged 2.94%, up from 2.90% last week and down from 3.30% last year. Write to Kerri Panchuk.