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by CareyBot

Economic worries continued to push mortgage rates lower this week, with rates on 30-year fixed loans falling to their lowest levels in more than two years, Freddie Mac reported today. The average rate on 30-year fixed mortgages dropped 20 basis points in the last week, from 6.07 percent to 5.87 percent, and the average 15-year fixed was down 25 basis points during the period, from 5.68 percent to 5.43 percent. Points, or fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans. Freddie Mac reported that average rates on adjustable-rate mortgages (ARMs) also declined, with the five-year Treasury-indexed hybrid ARM falling from 5.78 percent to 5.63 percent and the one-year ARM dropping from 5.47 percent to 5.37 percent. Po...