By Tess Stynes
Average fixed mortgage rates in the U.S. edged down in the
latest week as recent data gave a mixed view on the housing market,
according to mortgage-finance company Freddie Mac (FMCC).
Freddie Mac Chief Economist Frank Nothaft noted in a statement
Thursday that recent reports showed existing home sales dropped
1.8% in August but sales of new single-family homes climbed 18% for
the month. He added the Federal Housing Finance Agency reported
house prices rose just 0.1% on a seasonally-adjusted basis in July
and rose 4.4% over the past year.
For the week ended Thursday, the 30-year fixed-rate mortgage
averaged 4.2%, compared with 4.23% a week earlier and 4.32% a year
earlier. Rates on 15-year fixed-rate mortgages averaged 3.36%,
compared with 3.37% the previous week and a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average, were at 3.08%, compared with 3.06% the previous
week and 3.07% a year earlier. One-year Treasury-indexed ARM rates
on average were 2.43%, unchanged from the previous week and down
from 2.63% a year earlier.
Write to Tess Stynes at tess.stynes@wsj.com