U.S. mortgage rates unchanged on week

WASHINGTON, April 10 (UPI) -- Interest rates for 30-year fixed-rate mortgages were unchanged in the United States this week, Freddie Mac reported Thursday.

The average 30-year fixed interest rate remained at 5.88 percent with an average of 0.4 points during the week ending April 10.

A year ago, 30-year fixed rate mortgages averaged 6.22 percent.

At 5.42 with an average of 0.4 points, the 15-year fixed rate mortgages was also unchanged during the week. A year ago, these stood at 5.9 percent.

"Once again, mortgage rates held relatively steady this week amid release of subdued economic data," Freddie Mac chief economist Frank Northaft said.

Pending home sales are in decline and the economy lost of 80,000 jobs in March, Northaft noted. "Meanwhile, house sales prices have fallen in most metropolitan areas although there have been price gains in some areas," he said.

"Just over half of the 150 large cities across the nation experienced negative annual house price growth in 2007, according to the National Association of Realtors," Northaft said.