Mortgage rates hold steady

WASHINGTON, Sept. 24 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages held steady in the week ended Thursday, the Federal Home Loan Mortgage Corp. said.

The 30-year, fixed-rate mortgage averaged 5.04 percent with an average 0.6 points in the week, Freddie Mac said.

A year ago, 30-year, fixed-rate mortgages averaged 6.09 percent.

With the exception of last week, the average interest rates for 30-year, fixed-rate loans have not been this low since May 28, Freddie Mac said.

At 4.46 percent with an average 0.6 points, the 15-year, fixed-rate average declined slightly. A week ago, interest rates for 15-year fixed-rate loans averaged 4.47 percent. A year ago, 15-year rates were 6.02 percent.

"Mortgage rates held relatively steady at three-month lows this week," said Frank Nothaft, Freddie Mac vice president and chief economist.

"Correspondingly, the Mortgage Bankers Association reported that mortgage applications jumped 12.8 percent over the week of Sept. 18 to the strongest pace since late May, boosted by refinancing activity."