WASHINGTON Mortgage rates held steady this week near all-time lows, according to Freddie Mac.
The average for the 30-year loan tipped up to 3.56%, from 3.53% last week; while the average for the 15-year mortgage was unchanged at 2.77%. The average for the five-year ARM was also unchanged at 2.64; while the one-year ARM rate rose slightly to 2.65%, from 2.61%.
“Mortgage rates have been relatively stable, hovering near record lows for the past four weeks, which is helping to spur new home construction,” Frank Nothaft, chief economist for Freddie Mac. “For instance, new construction on single-family houses rose to an annualized rate of 613,000 in January, the most since July 2008. In addition, single-family building permits were up to the highest issuance level since June 2008.”