Mortgage rates leveled off this week after falling for eight weeks in a row, according to a Freddie Mac survey of lenders.
The average interest rate on 30-year home loans edged up to 4.5% from 4.49% last week, Freddie Mac said Thursday. The rate is down from 4.91% in mid-April.
The average for a 15-year fixed loan fell a notch to 3.67% from 3.68%.
For both term lengths, upfront fees averaged 0.7% of the amount being borrowed.
Freddie Mac's survey asks lenders the rates they are offering to people with good credit and a down payment of at least 20%, or at least that much home equity for a loan refinancing.
Initial rates on adjustable-rate loans, for borrowers willing to assume more risk, are "at or near record lows," Freddie Mac economist Frank Nothaft said in a report this week.