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U.S. markets recover from steep losses
WASHINGTON, April 17 (UPI) -- Interest rates for 30-year fixed-rate mortgages were unchanged in the United States for the second week running, Freddie Mac reported Thursday.
The average 30-year fixed interest rate remained at 5.88 percent with an average of 0.4 points for the week ending April 17, Freddie Mac said.
A year ago, 30-year fixed rate mortgages averaged 6.17 percent.
At 5.40 with an average of 0.4 points, the 15-year fixed rate mortgages declined slightly from 5.42 percent the previous week. A year ago, 15-year fixed rates stood at 5.89 percent.
"ARM (adjustable-rate mortgages) rates continued to decline amid market speculation that the Federal Reserve may cut rates again at its upcoming committee meeting," Freddie Mac chief economist Frank Northaft said.
A decline in housing starts in March -- to the lowest rate since March 1991 -- and declining consumer confidence, "suggest nearly a 100 percent probability that the Fed will cut rates at the end of this month," he said.
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