Mortgage rates hold steady to an average of 4.51 percent amid mixed economic reports and signs of improvement in the housing market.
Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 4.51 percent with an average 0.7 point for the week ending June 30, 2011, down from last week when it averaged 4.5 percent. Last year at this time, the 30-year FRM averaged 4.58 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, reports, “Interest rates on 30-year fixed mortgages hovered around 4.5 percent for the fourth consecutive week following mixed reports on the strength of the economy. First quarter economic growth was revised up, but growth in consumer spending stagnated in May while April’s figure was revised downward; consumer expenditures account for roughly two-thirds of the nation’s gross domestic product.”
Primary Mortgage Market Survey [Freddie Mac]