facebook
twitter
rss
account
search
search
 

Long-term interest rates in summer stall

June 30, 2011 at 1:07 PM   |   Comments

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.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
IS oil smugglers will feel wrath, Kurdish leader says IS oil smugglers will feel wrath, Kurdish leader says
2
Outrage over FERC decision on LNG exports Outrage over FERC decision on LNG exports
3
Exxon says it's safe from Russian sanctions Exxon says it's safe from Russian sanctions
4
Thales to research next-gen active radar antenna Thales to research next-gen active radar antenna
5
New oil pipeline online for Permian shale New oil pipeline online for Permian shale
Trending News
x
Feedback