Mortgage Rates Little Changed Last Week

Washington, DC, June 27, 2011 -- Mortgage rates changed little for a second straight week last week, according to the latest survey from Freddie Mac.

"Although new construction on single-family homes ticked up in May from April, it was still below the overall pace set in 2010," said Freddie Mac Chief Economist Frank Nothaft. "Moreover, existing home sales fell 3.8% in May to the fewest since November 2010."

The 30-year fixed-rate mortgage was at 4.5% in the week ended Thursday, the same rate as in the previous week, though the rate was below last year's 4.69% average.

The 30-year rate has fallen since reaching the 2011 high of 5.05% in early February.

Rates on 15-year fixed-rate mortgages edged up to 3.69% from 3.67% the previous week but were down from 4.13% a year earlier.