Mortgage rates ease back to 6%

Interest rates on fixed-rate loans dipped back down to near or below 6 percent this week, thanks to reduced fears of inflation and continued weakness in the housing market, Freddie Mac said.

The average rate for a 30-year fixed-rate mortgage (FRM) averaged 6.04 percent with an average 0.6 point for the week ending Oct. 23, down from 6.46 percent last week and 6.33 percent a year ago, according to Freddie Mac's latest Primary Mortgage Market Survey.

The 15-year FRM averaged 5.72 percent with an average 0.6 point, down from 6.14 percent last week and 5.99 percent a year ago.

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