30-year and 15-year Mortgage Rates Flat

According to Freddie Mac, the mammoth who helps millions of families in neighborhoods across America buy their own homes or enjoy quality and affordable rental housing by linking them to the world’s capital markets, 30- and 15-year mortgage rates are flat.

The government-sponsored loan buyer said today that rates are below last year’s rates at this point in time, which for a 30-year fixed rate mortgage was at 6.28%.

The economy continues to show weakening signs, with a loss of approximately 17,000 jobs in January alone. Freddie Mac also stated that 15-year fixed rate loans were around 5.15%, down .02 from last week and and down from last year’s rate of 6.02%.

“Economic news released in the past week showed that the economy continues to be weak,” said Freddie Mac VP and chief economist Frank Nothaft, in a statement made on Thursday.

The trend in rates is likely to continue for a while, but we’ll just have to wait and see. Buyers are waiting on the sidelines as rates go down and home prices, which sky-rocketed over the past few years, come back to relatively normal levels based on inflation.

Check out Lenderama’s Mortgage Industry Blog to read up on the latest happenings in the Mortage industry.