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by CareyBot

Long-term mortgage rates declined further this week as investors remained cautious about the housing market's recovery, Freddie Mac and reported today. In Freddie Mac's survey, the 30-year fixed-rate mortgage dipped to an average 6.68 percent from last week's 6.69 percent, and the 15-year fixed-rate mortgage sank to 6.32 percent from 6.37 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.3 on the 30- and 15-year loans. Adjustable-rate mortgage (ARM) costs also dipped this week, with the five-year Treasury-indexed hybrid ARM slipping from 6.3 percent to 6.29 percent and the one-year ARM sliding from 5.69 percent to 5.59 percent. Points on these loans averaged 0.5. "Market investors seeking safety from the subprime ...