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US fixed mortgage rates remain steady

Washington, Sep 13 (IANS) The US fixed mortgage rates held steady this week following mixed results in the employment report in August, according to the Freddie Mac’s Primary Mortgage Market Survey.

The US mortgage group said the 30-year fixed-rate mortgage (FRM) remained at 4.57 percent in the week ending Sep 12, close to a two-year high of 4.58 percent which was recorded three weeks ago, Xinhua cited from the survey report.

The 15-year FRM, a popular guide for those looking to refinance, stayed flat at 3.59 percent this week, also near a two-year high of 3.60 percent notched last month.

The US unemployment rate fell to 7.3 percent in August, the lowest since December 2008, but the economy added 169,000 jobs in the month, which was below the market consensus forecast.

The US fixed mortgage rates have spiked more than a full percentage point since early May, but still remained at a low level by historical standards. Economists believe an increase in mortgage rates could slow but will not severely dampen the housing market recovery.

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