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by CareyBot

Long-term mortgage rates this week fell on news of falling industrial production and consumer sentiment, Freddie Mac reported today. The average 30-year fixed-rate loan sank to 5.98 percent from last week's 6.01 percent, well below the year-ago average of 6.37 percent, according to Freddie Mac. Rates on 15-year fixed loans dipped to 5.55 percent from 5.6 percent, much lower than the 6.06 percent reported a year ago. To qualify for these rates, borrowers must pay points, or fees that lenders charge for loan processing expressed as a percent of the loan, which this week averaged 0.5 and 0.6, respectively, on the 30- and 15-year loans. "Interest rates for fixed-rate mortgages fell slightly this week on news of both weaker industrial production in April and consumer sentiment fall...