Long-term mortgage rates inched lower this week, remaining mostly undisturbed by yesterday's quarter-percentage-point hike in the federal funds rate, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 6.21 percent for the week ended today, down from last week when it averaged 6.25 percent. The average for the 15-year fixed-rate mortgage this week is 5.62 percent, also down slightly from last week when it averaged 5.64 percent. Points on both the 30- and 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 4.19 percent this week, with an average 0.7 point, up from last week when it averaged 4.13 percent. "As expected, long-term mortgage rates were relatively unaffected by the Fed's recent actions to preempt any future inflationary trend. And, as also expected, short-term mortgage rates moved upward in response to those same actions," said Frank Nothaft, Freddi...
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