The average rate for a 30-year fixed rate mortgage held fast to its record-low rate of 3.87% for the third week in a row, according to Freddie Mac's primary market survey.
The average 15-year FRM, at 3.16%, also remained unchanged for the week ending February 16.
The five-year Treasury-indexed hybrid inched down by just a basis point to 2.82% while the average rate for a one-year Treasury ARM rose six basis points to 2.84%.
All types of mortgages tracked by Freddie Mac's survey -- except one-year Treasury ARMs -- carried an average of 0.8 of a point during the week ending Feb. 16. One-year Treasury ARMs carried an average of 0.6 of a point.
All rates remain lower than a year ago when the 30-year averaged 5%, the 15-year averaged 4.27%, the five-year Treasury hybrid averaged 3.87% and the one-year Treasury ARM averaged 3.39%.
Freddie Mac vice president and chief economist Frank Nothaft said in his weekly report that rate movement in the most recent week reflected the release of mixed indicators, including up-ticks in small business and builder confidence and a drop in consumer confidence.
Wells Fargo & Co. chief economist John Silvia said in a recent teleconference that he expects mortgage rates to remain relatively stable going forward.
