Mortgage rates are holding at record-low levels, with 30-year fixed-rate loans unchanged at an average 3.9 percent for the week ending Feb. 16, according to the latest numbers from Freddie Mac .
The 30-year loan rate has been less than 4 percent for the past 11 weeks and less than 5 percent for the past 52 weeks.
A 15-year fixed-rate mortgage averaged 3.2 percent this week, unchanged from the previous week. A year ago at this time, 15-year fixed-rate loans averaged 4.3 percent.
A one-year adjustable-rate mortgage averaged 2.8 percent this week, virtually unchanged from the previous week. At this time last year, a one-year ARM averaged 3.4 percent.
"Fixed mortgage rates were unchanged this week amid mixed confidence measures," says Frank Nothaft, chief economist for Freddie Mac (OTC:FMCC). "Small-business confidence ticked up slightly in January, representing a fourth consecutive month gain, according to the National Federation of Independent Business index. However, the Reuters/University of Michigan index of consumer sentiment fell in February by more than the market consensus forecast, breaking a five-month trend. In the meantime, homebuilder confidence rose in February to the highest reading since May 2007, based on the NAHB/Wells Fargo Housing Market Index."
Ongoing low mortgage rates have been a factor in boosting the housing market.
courtesy of: http://www.bizjournals.com
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