Mortgage rates nearly unchanged

Slight drop continues in summer where numbers have moved little.

Once again, mortgage rates were stagnant this week.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.52 percent with an average 0.4 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.53 percent a week ago and 3.96 percent a year ago.

The 15-year fixed-rate average slid to 4 percent with an average 0.4 point. It was 4.02 percent a week ago and 3.23 percent a year ago. The five-year adjustable rate average ticked up to 3.87 percent with an average 0.3 point. It was 3.86 percent a week ago and 3.21 percent a year ago.

“Manufacturing output and consumer spending showed improvements, but construction activity was a disappointment,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “This meant there was no driving force to move mortgage rates in any meaningful way, which has been the theme in the last two months. That’s good news for price-sensitive home shoppers, given that this stability in borrowing costs allows them a little extra time to find the right home.”

For much of the summer, rates have barely budged. The 30-year fixed rate has hovered between 4.55 percent and 4.66 percent with incremental increases and decreases each week.

“Mortgage rates trended slightly lower over the past week, and are well below their recent highs reported in mid-May,” said Aaron Terrazas, senior economist at Zillow. “The decline was likely driven by geopolitical concerns, as incoming data, including inflation and retail sales, as well as comments from Federal Reserve officials all point to higher rates. Several housing market metrics are scheduled for release over the coming week, and although these data do not typically move markets, they will face growing scrutiny as markets search for early signals of a general economic slowdown in housing data.”

Bankrate.com, which puts out a weekly mortgage rate trend index, found that three-quarters of the experts it surveyed say rates will remain relatively stable in the coming week. Elizabeth Rose, sales manager at Nations Lending, is one who predicts rates won’t move much.

“Steady seems to be the word,” Rose said. “Mortgage bonds have been steady, trading in a tight range. Fed Chair ( Jerome) Powell believes the U.S. is on course for years more of steady growth and low inflation. For the week ahead, I see bonds continuing a steady pattern.”