WASHINGTON -- Freddie Mac said Thursday the 30-year fixed-rate home- mortgage rate average was unchanged from a week ago as mortgage applications slowed to a five-year low.
The rate was 6.52% for the week ended Aug. 7, compared with the year- earlier 6.59%.
"The housing market is continuing to act as a drag on the economy," said Frank Nothaft, Freddie Mac chief economist.
The 15-year fixed-rate mortgage averaged 6.10%, up from 6.07% last week. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 6.05%, down from 6.07%. One-year Treasury-indexed ARMs averaged 5.22%, down from 5.27%.
Even though mortgage rates remain relatively flat, consumers could soon be in for more expensive conforming mortgages, said Dan Green, a loan officer and the author of TheMortgageReports.com. Fannie Mae said it will be increasing an adverse-market charge to lenders, Mr. Green said. The "middleman fee" will increase to 0.5% from 0.25%.