Industry News

Mortgage rates slip again

Slow economic growth keeps 30-year fixed at 6-month low

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Mortgage rates dipped further this week after last week's drop to six-month lows, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.64 percent for the week ended today, down from 5.66 percent last week. This is the lowest the 30-year fixed has been since the week ending July 11, 2003, when it averaged 5.52 percent. The average for the 15-year fixed-rate mortgage this week is 4.95 percent, down from last week's average of 4.97 percent. Fifteen-year fixed-rate mortgages have also not been this low since the week ending July 11, 2003, when they averaged 4.85 percent. Points on both the 30- and 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 3.56 percent this week, with an average 0.7 point, down from 3.62 percent last week. This is the lowest the 1-year ARM has been since the week ending July 18, 2003, when it averaged 3.58 percent. "Mortgage rates r...