WASHINGTON (Reuter) - Mortgage rates edged lower this week, the Federal Home Loan Mortgage Corp. said.
Thirty-year fixed-rate mortgages averaged 7.76 percent in the week ending Sept. 1, down from 7.88 percent in the previous week. Fifteen-year fixed mortgage rates also fell to 7.27 percent from 7.39 percent.
One-year adjustable loan rates slid to 5.86 percent from 5.96 percent in the week.
A year ago, the 30-year mortgage averaged 8.48 percent, the 15-year 7.96 percent and the adjustable loan 5.49 percent.
``The capital markets, and the economy in general, have been calm in August and this has helped to keep mortgage interest rates fairly low and stable,'' said Robert Van Order, Freddie Mac chief economist.
``Interest rates may even be a little lower next week, keeping figures below 8 percent. We don't, however, see a trend developing, simply a little bit of movement in either direction.''
Earlier this week the Commerce Department said single-family home sales rose by 0.4 percent in July, the third straight monthly gain, after gaining 6.1 percent in June.
Freddie Mac said lenders charged an average of 1.8 percent in fees and points on 30-year loans, down from 1.9 percent last week. They charged 1.8 percent on 15-year loans and 1.5 percent on adjustable loans, both unchanged from the previous week.