Mortgage rates stay flat after hitting yearly low

WASHINGTON – Fixed mortgage rates stayed roughly flat after falling for eight weeks.

The average rate on the 30-year loan ticked up from a yearly low of 4.49 percent to 4.50 percent, Freddie Mac said Thursday. The average rate on the 15-year fixed mortgage, a popular refinance option, fell to 3.67 percent from 3.68 percent. That’s a low for the year.

Rates tend to track the yield on the 10-year Treasury note. The 10-year yield has been dropping over fears that the economic recovery is slowing.

The average rate on a five-year adjustable-rate mortgage inched down to 3.27 percent from 3.28 percent last week. It hit 3.25 percent in April, the lowest on records dating back to 2005.

The average rate on a one-year adjustable-rate loan rose to 2.97 percent from 2.95 percent, which was the lowest on records going back to 1986.

Associated Press