Ambivalence Reigns: Average Rates Remain Steady for Third Week

Rates on 30-year mortgages remained at the same level for a third week while rates on other types of home loans posted small declines. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent this week. That was the same rate as the two previous weeks and represented the second highest rate of the year.

The highest rate so far this year was 6.63 percent hit for the week ending July 24. Frank Nothaft, chief economist for Freddie Mac, said 30-year mortgages did not budge because financial markets can’t decide whether the economy is getting weaker or is stabilizing. He noted that retail sales came in weaker-than-expected for July while demand for consumer credit grew in June by more than twice the amount that economists had been expecting.