By Kimberly Chin
Average rates on residential mortgages were flat in the latest week, according to government mortgage-finance company Freddie Mac.
The average 30-year fixed-rate mortgage carried a rate of 3.11% for the week ended Thursday, roughly unchanged from a week earlier, according to Freddie Mac's survey. The rate a year ago was 2.71%.
Fifteen-year mortgages averaged 2.39%, slightly lower than the 2.42% it averaged last week. Last year at this time, the 15-year mortgage averaged 2.26%.
The rate on five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, averaged 2.49% in the latest week, up from 2.47% last week. The five-year ARM averaged 2.86% a year earlier.
"The consistency of rates in the face of changes in the economy is primarily due to the evolution of the pandemic, which lingers and continues to pose uncertainty," Freddie Mac Chief Economist Sam Khater said in prepared remarks, adding the low mortgage rate environment should be favorable to those seeking refinancing.
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(END) Dow Jones Newswires