Mortgage interest rates hold steady

U.S. mortgage interest rates held close to steady in the week ending Jan. 29, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-rate mortgage averaged 5.1 percent with an average 0.7 points in the week, Freddie Mac said.

A week ago, 30-year, fixed-rate mortgages averaged 5.12 percent. A year ago they averaged 5.68 percent.

At 4.8 percent with an average 0.7 points, the 15-year, fixed-rate average was unchanged from a week ago.

Mortgage rates held steady this week, said Frank Nothaft, Freddie Mac vice president and chief economist.

Two leading research reports showed declines in home sale and mortgage interest rates reached a 50-year low in December, Nothaft said.

These two factors contributed to housing affordability reaching its highest level since 1973, he said.