Average fixed mortgage rates in the U.S. edged down in the
latest week, reversing direction after two straight weeks of
increases, according to mortgage-finance company Freddie Mac
(FMCC).
Freddie Mac Chief Economist Frank Nothaft noted in a statement
Thursday that recent data showed declines in May for housing
starts, a gauge of new-home construction, and building permits, an
indicator of future construction. Consumer prices were also up more
than expected for May, he added.
For the week ended Thursday, the 30-year fixed-rate mortgage
averaged 4.17%, compared with 4.2% a week earlier and 3.93% a year
earlier. Rates on 15-year fixed-rate mortgages averaged 3.3%,
compared with 3.31% the previous week and 3.04% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average, were at 3%, compared with 3.05% the previous week
and 2.79% a year earlier. One-year Treasury-indexed ARM rates on
average were 2.41%, compared with 2.4% the previous week and 2.57%
a year earlier.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires