Mortgage rates, applications stall as US housing market stumbles

Washington

FIXED mortgage rates' upward climb stalled this week as weak housing data put a damper on investors' enthusiasm.

According to the latest data released on Thursday by Freddie Mac, the 30-year fixed-rate average remained at 3.83 per cent with an average 0.6 point, same as it was a week ago. (Points are fees paid to a lender equal to one per cent of the loan amount.) It was 3.42 per cent a year ago.

The 15-year fixed-rate average was also flat, holding steady at 3.13 per cent with an average 0.5 point. It was 2.72 per cent a year ago. The five-year adjustable rate average rose to 3.20 per c…