Mortgage rates little changed in week

July 28, 2011 at 11:12 AM
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WASHINGTON, July 28 (UPI) -- Long-term mortgage rates held relatively stable in the week ending Thursday, the U.S. Federal Home Loan Mortgage Corp. said.

Average interest rates for 15-year loans were unchanged at 3.66 percent with 0.7 points while 30-year mortgages rose from 4.52 percent to 4.55 percent with 0.7 points, Freddie Mac said.

Rates for 15-year, fixed-rate mortgages a year ago stood at 4 percent. Rates for 30-year mortgages a year ago averaged 4.54 percent.

Frank Nothaft, Freddie Mac's vice president and chief economist, said interest rates were reacting to a "mixed bag" of economic data.

"On the positive side, the index of leading indicators in June rose for the second consecutive month," he said in a statement.

"Partially offsetting this, orders for durable goods were weaker than market expectations for the same month," he added.

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