Saturday

Mortgage rates holding steady

Mortgage rates held onto last week's substantial gains and 30-year fixed-rate loan remained at 6.73 percent for the week ending July 19. One-year adjustable rate mortgages averaged 5.72 percent this week, up from 5.71 percent last week. Last year, 1-year ARMs averaged 5.8 percent. June's housing starts unexpectedly rose to 1.47 million units, construction of one-unit houses still saw a decline of 0.2 percent: At 1.15 million units. The 15-year fixed-rate mortgage averaged 6.38% for the week ending Thursday, down just slightly from last week's 6.39%. The mortgage averaged 6.41% a year ago. To obtain the rates, the fixed-rate mortgages required payment of an average 0.4 point, while the ARMs required payment of an average 0.5 point.

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