U.S. mortgage rates remained unchanged this week, holding steady at the record lows it reached last week, according to Freddie Mac's weekly survey.
The average 30-year-fixed mortgage rates went down to 4.10 percent, the same as last week. The rate was 4.51 percent at the same time, last year.
The average 15-year-fixed mortgage rates went up to 3.25 percent from last week's 3.23 percent. It averaged 3.54 percent at the same time, last year.
The five-year treasury-indexed hybrid adjustable mortgage rate spiked slightly to 2.97 percent from last week's 2.95 percent. The rate was 3.24 percent a year ago.
The average one-year treasury-indexed adjustable mortgage rate continued its upward trend increasing to 2.39 percent from last week's 2.38 percent. The rates averaged 2.64 percent at the same time last year.
Freddie Mac experts said rates held steady heading into the labor weekend as the housing market produced some mixed reports.
The National Association of Realtors released its July existing home sales report and the S&P/Case Shiller Index was also unveiled this month - both of which noted that the housing market was slowing down. Industry experts believe that mortgage rates will remain flat in the coming few months.
"Overall, it was a pretty calm last week of summer leading into the holiday weekend, with very little action/activity in the world of mortgage-backed securities and mortgage interest rates," David Kuiper, vice president of Northpointe Bank, told Realtor.com.
"I don't expect much, if any, volatility in the coming week, barring any unexpected data released or major event happening. Interest rates remain very favorable, making this an ideal time to buy, build or even refinance your home. Contact your local mortgage professional to see if/how/what this might look like for you," he added.
Some analysts believe that the low mortgage rates have helped bolster home prices. Mortgage availability and lending still remains tight, which is pushing potential buyers to the sidelines. Plus, now that the market is gearing up for a seasonal slowdown, this year's housing has been largely disappointing, Bloomberg reports.
"The economic challenges that people faced earlier are still here. Affordability worsened as prices went up, the job market continues to recover slowly and young people are still much less likely to have jobs than before the recession," Jed Kolko, chief economist at Trulia, told the agency.
