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Long-term interest rates in summer stall

  |   June 30, 2011 at 1:07 PM
WASHINGTON, June 30 (UPI) -- Long-term mortgage rates were flat in the week ending June 30, the U.S. Federal Home Loan Mortgage Corp. said Thursday.

Average interest rates for 15-year loans were unchanged at 3.69 percent, with 0.7 points, while 30-year mortgages rose to 4.51, up from 4.5 percent with 0.7 points, Freddie Mac said.

Rates for 15-year, fixed-rate mortgages a year ago stood at 4.04 percent. Rates for 30-year mortgages a year ago averaged 4.58 percent.

With broader economic data mixed, "there were some signs of improvement in the housing market," said Frank Nothaft, Freddie Mac's vice president and chief economist in a statement.

Nothaft said consumer growth "stagnated in May, while April's figure was revised downward," a telling statistic as "consumer expenditures account for roughly two-thirds of the nation's gross domestic product."

However, the S&P/Case-Shiller 20-city housing index rose 0.7 percent in April.

Some of that "reflected the seasonal increase in home buying over the spring-summer period," he said.

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