Fixed mortgage rates flat, hover near yearly low
WASHINGTON (AP) — Fixed mortgage rates were mostly unchanged this week, hovering near yearly lows.
Freddie Mac says the average rate on the 30-year loan held steady at 4.50 percent. It hit 4.49 percent two weeks ago, the lowest level this year.
The average rate on the 15-year fixed mortgage, popular for refinancing, inched up to 3.69 percent. Last week it reached a yearly low of 3.67 percent.
Rates typically track the yield on the 10-year Treasury note, which has been dropping in recent weeks based on weak data that points to a slower economy.
Low mortgage rates have done little to boost the troubled housing markets. Tougher lending requirements have prevented many people from taking advantage of the ultra-low rates.