Long–term mortgage rates slipped this week, according to surveys by Freddie Mac and Bankrate.


In Freddie Mac’s weekly survey, the 30-year fixed-rate mortgage averaged 5.99 percent, with an average 0.7 point, for the week ended today, slipping from last week when it averaged 6.08 percent. The 15-year fixed-rate mortgage averaged 5.4 percent, with an average 0.6 point, down from last week when it averaged 5.49 percent.


One-year Treasury-indexed adjustable-rate mortgages averaged 4.08 percent this week, with an average 0.6 point, up from last week when it averaged 4.17 percent.


“Additional economic indicators this week confirmed that June was a weak month for the nation as a whole. Consequently, the upward pressure on interest rates eased, allowing mortgage rates to return to earlier, lower levels,” said Frank Nothaft, Freddie Mac vice president and chief economist.


In Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed rate mortgage fell to 6.02 percent and is now the lowest since April 14. The 30-year fixed rate mortgages in this week’s survey had an average 0.36 discount and origination points.


The 15-year fixed rate mortgage fell from 5.59 percent to 5.42 percent, and the average one-year ARM declined from 4.43 percent to 4.35 percent.

The following is a sampling of Bankrate’s average 30-year-mortgage interest rates this week in some U.S. metropolitan areas.

New York – 6.1 percent with 0.04 point.

Los Angeles – 6.05 percent with 0.58 point.

Chicago – 6.12 percent with no points.

San Francisco – 6.05 percent with 0.37 point.

Philadelphia – 6.03 percent with 0.33 point.

Detroit – 5.95 percent with 0.25 point.

Boston – 6.16 percent with no points.

Houston – 5.9 percent with 0.82 point.

Dallas – 5.97 percent with 0.53 point.

Washington, D.C. – 5.92 percent with 0.67 point.


What’s your opinion? Send your Letter to the Editor to newsroom@inman.com.

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