Mortgage Rates Unchanged

The average rate on a 30-year U.S. mortgage with no upfront points was unchanged on Monday at 7 percent, according to BestInfo Inc.

If the mortgage market on Tuesday continues in its current direction, rates may remain the same.

The 30-year mortgage rate with one upfront point was unchanged at 6-3/4 percent.

The 30-year mortgage rate with two upfront points was unchanged at 6-1/2 percent.

mortgage rates dip for first time in 5 weeks

WASHINGTON (AP) -- Rates on 30-year mortgages declined this week for the first time in five weeks amid expectations that the Federal Reserve won't push interest rates much higher.

Mortgage finance company Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages slipped to a nationwide average of 6.74 percent this week from 6.79 percent last week.

Housing sales are expected to decline by around 7 percent this year as higher mortgage rates make home ownership more expensive.