A week light on economic reports is keeping long-term mortgage lending rates stable, the Federal Home Loan Mortgage Corp. said Thursday. Rates for 30-year, fixed-rate mortgages slipped from 4.53 percent to 4.51 percent with an average 0.7 point in the past week. A year ago, rates for 30-year, fixed-rate mortgages averaged 3.4 percent. Rates for 15-year, fixed-rate mortgages rose from 3.55 percent to 3.56 percent with an average 0.6 point in the week. A year ago in the same week, 15-year, fixed-rate loans averaged 2.66 percent. Among the shorter-duration loans, rates for five-year Treasury-indexed, hybrid adjustable-rate mortgages averaged 3.15 percent this week with an average 0.4 point. Rates a week ago averaged 3.05 percent. A year ago, they averaged 2.67 percent. Rates for one-year, Treasury-indexed, adjustable-rate loans averaged 2.56 percent in the week with 0.5 points, unchanged from the previous week for the second consecutive week. Last year over the same period, rates for one-year, adjustable-rate loans averaged 2.6 percent. One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan's long-term interest rates. Economic reports, were light, but generally positive, noted Frank Nothaft , Freddie Mac's vice president and chief economist. Automatic Data Processing Inc. reported 238,000 private jobs were added to the economy in December. The Institute of Supply Management announced faster-than-expected growth in service oriented firms.
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