30-Year Rate Holds Steady

The average 30-year fixed mortgage rate was unchanged for the week ending June 20, remaining at the survey-record low of 5.21% recorded the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from a survey-record low of 4.60% to 4.62%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages fell from a record low of 3.54% to 3.51%. Fees and points averaged 0.6 points for all three mortgage categories. "The Consumer Price Index released this week showed no decline, suggesting that the possibility of deflation is still low," said Frank Nothaft, Freddie Mac's chief economist. "Housing starts were stronger than expected, as were the leading indicators released [June 19]. All of these reports together could indicate the economy is ready to pick up growth." A year ago, the average 30-year and 15-year fixed rates were 6.63% and 6.08%, respectively, and the average one-year ARM rate was 4.60%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.