Industry News

Weekly real estate rates drop

Inflation report may impact borrowing costs

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Long-term mortgage rates fell further this week, according to Freddie Mac's weekly mortgage survey. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.74 percent for the week ended today, down from last week when it averaged 5.77 percent. The average for the 15-year fixed-rate mortgage this week is 5.19 percent, down from last week when it averaged 5.21 percent. Points on the 30- and 15-year averaged 0.6. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.05 percent this week, with an average 0.5 points. Last week, the five-year ARM averaged 5.03 percent. One-year Treasury-indexed adjustable-rate mortgages averaged 4.1 percent this week, with an average 0.6 point, unchanged from last week. "The onset of 2005 bodes well for the housing industry. Long-term mortgage rates are currently below 6 percent. Although we expect mortgage rates to end the year a bit higher, they still provide a historic value to borrowers considering how over the past 30...