This week, mortgage rates stayed relatively unchanged after contradictory economic data left the bond market unsure over the direction the economy.

The average rate on 30-year fixed-rate mortgages was 6.63, for the week ending June 15, from the prior week's 6.62 % -- that had been the highest level since June 2002, according to Freddie Mac's mortgage survey. In the year-ago period, the 30-year mortgage rate averaged 5.63 %.

The average rate on 15-year fixed-rate mortgages rose to 6.25 % from 6.23 % last week. A year ago, that loan averaged 5.22 %.

Five-year adjustable-rate mortgages averaged 6.23 %, 0.03 higher than last week. The average one-year adjustable-rate mortgage rose to 5.66 % from 5.63 %. For homeowners using adjustable rate mortgages, a rise in interest rates can mean ballooning payments.

By M. Sese
http://realestatepress.org