Finding good news in the mortgage industry and market these days is twice as hard as finding a needle in a haystack that was bull dozed for a new sub division 2 years ago.  Fortunately, there is some good news out there.  Mortgage rates held steady and didn’t increase for the second week in a row despite the continued decline in the value of the dollar and oil prices that went over $115 a barrel this week.

Thirty-year mortgage rates were at an average of 5.88 percent, while 15-year mortgages dipped to an average of 5.40 percent from 5.42 percent last week, Freddie Mac said.

One-year adjustable rate mortgages, or ARMs, fell to an average of 5.10 percent from 5.18 percent.

Freddie Mac said the “5/1″ ARM, set at a fixed rate for five years and adjustable each following year, averaged 5.48 percent, down from 5.56 percent a week earlier.

A year ago, 30-year mortgage rates averaged 6.17 percent, 15-year mortgages 5.89 percent and the one-year ARM 5.45 percent. The 5/1 ARM averaged 5.92 percent. 
US 30-year mortgage rates hold steady for second week

Its not the greatest news, but not the worst either.  The mortgage industry has been suffering from the equivalent of mesothelioma as it fights to exorcise the demons of bad mortgages written under the auspices of sub prime lending.

This entry was posted on Thursday, April 17th, 2008 at 11:24 pm and is filed under rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.