The average 30-year fixed-rate mortgage remained stable this week, at 5.58 percent, according to Freddie Mac’s Primary Mortgage Market Survey.
“Financial markets seem to have locked into this level of mortgage rates. There was very little movement either way this week,” said Frank Nothaft, Freddie Mac chief economist. “And it looks like consumers are taking advantage of the low level of mortgage rates, as applications for home purchases and refinancing are up for the last two weeks.
“New and existing home sales were down in January, but that reflected a drop in applications in late November and into December. Inventories, however, remain lean, suggesting that demand continues to be high.”