Mortgage Rates Hold Steady Following Steep Increases Last Week

Average mortgage rates were relatively unchanged this week amid mixed economic and consumer sentiment reports, according to ""Freddie Mac"":http://www.freddiemac.com. Adjustable mortgage rates were mixed while fixed mortgage rates held steady remaining near their 60-year lows.

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The GSE's study puts the average 30-year fixed-rate mortgage at 4.11 percent (0.8 point) for the week ending October 20, 2011. That's down from last week's average of 4.12 percent, which marked a jump of 18 basis points in seven day's time. Last year at this time, the 30-year rate was 4.21 percent.

The rate for a 15-year fixed mortgage is now averaging 3.38 percent (0.8 point), up only slightly from 3.37 percent last week. A year ago at this time, the 15-year FRM averaged 3.64 percent.

The 5-year adjustable-rate mortgage (ARM) came in at 3.01 percent (0.6 point) this week. That’s down from 3.06 percent last week. This time last year the 5-year ARM averaged 3.45 percent.

Freddie’s study shows the 1-year ARM averaging 2.94 percent (0.6 point) this week, up from 2.90 percent last week. It was 3.30 percent at this time last year.