(Reuters) - The costs of mortgages remained well below their year-ago levels, when 30-year mortgages averaged 6.53 percent, 15-years were 6.17 percent, and the one year ARM was 5.63 percent.
Frank Nothaft, Freddie Mac vice president and chief economist, said indications that the United States is experiencing little inflation helped push the rates down. On Tuesday, the Labor Department reported that consumer prices only rose 0.6 percent in March and on April 13 it reported that producer prices rose 1 percent that month.
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