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by CareyBot

Another week of disappointing economic reports caused mortgage rates to drop again, according to surveys conducted this week by Freddie Mac and Bankrate.com. From a sharp stock sell-off to slumping new-home sales to weaker gross domestic product growth, the news suggests a slower economy and lower inflation are in the works. As a result, the 30-year fixed-rate mortgage fell to an average 6.18 percent from 6.22 percent last week, according to Freddie Mac's survey, while the 15-year fixed-rate mortgage slid from 5.97 percent to 5.92 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30-year and 0.5 on the 15-year loans. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.93 percent this week, wi...