Mortgage Rates Hold Steady as GDP Grows: Freddie
Mortgage rates held steady over the past week, remaining near their lowest levels for the year, according to data released Thursday by Freddie Mac.
The average rate on 30-year fixed-rate mortgages dipped less than one basis point, to 4.12%. Meanwhile, the average rate for 15-year fixed-rate mortgages was 3.23%, or three basis points lower than last week.
Rates on five-year and one-year Treasury-indexed ARMs remained relatively flat, at 3.01% and 2.38%, respectively.
"Mortgage rates were little changed this week," said Frank Nothaft, the agency's chief economist, in a July 31 press release.
"Meanwhile, on Wednesday afternoon the yield on the 10-year Treasury surged as data showed gross domestic product for the second quarter at a 4% annualized rate, above expectations."