Industry News

Mortgage rates hover near 6.3%

ARM borrowers refinance, markets await labor report

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Mortgage rates posted mixed results this week as weak economic growth and cooling real estate markets took pressure off inflation, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage dipped to an average 6.3 percent, down slightly from last week's six-month low of 6.31 percent, while the 15-year fixed-rate mortgage remained at its six-month low of 5.98 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.3 on the 30-year and 0.4 on the 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) held steady at 6 percent -- also a six-month low -- and points on these loans averaged 0.5. The one-year Treasury-indexed ARM averaged 5.46 percent with an average 0.7 point, down very slightly from last week when it averaged 5.47 percent. The 1-year ARM has not been lower since the week ending March 23, 2006, when it averaged 5.41 percent...