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by CareyBot

Long-term mortgages rates dipped this week as weak home-builder optimism and lower housing starts took pressure off inflation, Freddie Mac and Bankrate.com reported today. In Freddie Mac's survey, the 30-year fixed-rate mortgage sank to an average 6.69 percent from 6.74 percent last week, while the 15-year fixed-rate mortgage declined to 6.37 percent from 6.43 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans. Adjustable-rate mortgages (ARMs) also became slightly more affordable this week, with the five-year Treasury-indexed hybrid ARM falling to 6.31 percent from 6.37 percent and the one-year ARM down from 5.75 percent to 5.66 percent. Points on these loans averaged 0.6 and 0.7, respect...