30-Year Rate Holds Steady

The average 30-year fixed mortgage rate held steady at 6.40% for the seven-day period ended Oct. 18, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 6.06% to 6.08%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.12% to 6.11%, and the average rate for one-year Treasury-indexed ARMs increased from 5.73% to 5.76%, Freddie Mac reported. Fees and points averaged 0.5 of a point for 30-year fixed-rate mortgages and hybrid ARMs and 0.6 of a point for 15-year fixed-rate mortgages and one-year ARMs. "Both economic indicators and mortgage rates came in mixed this week," said Frank Nothaft, Freddie Mac's chief economist. "While retail sales were stronger in September, consumer confidence fell below market expectations in October. Moreover, both the core consumer price index and producer prices for September remained contained." A year ago, the average 30-year and 15-year fixed rates were 6.36% and 6.06%, respectively, and the average hybrid and one-year ARM rates were 6.11% and 5.57%, Freddie Mac said. Freddie can be found online at http://www.freddiemac.com.