Mortgage rates flat after hitting yearly low

WASHINGTON — Fixed mortgage rates stayed roughly flat after falling for nine weeks.

Freddie Mac says the average rate on the 30-year loan ticked up from a yearly low of 4.49 percent to 4.50 percent.

The average rate on the 15-year fixed mortgage, a popular refinance option, fell to 3.67 percent from 3.68 percent. That's a low for the year.

Rates tend to track the yield on the 10-year Treasury note. The 10-year yield has been dropping as fears over that economic recovery is slowing.

Most people can't take advantage of the low mortgage rates because they can't meet tougher lending requirements. And many who could afford to refinance likely did so last year, when rates fell to their lowest levels in decades.