Industry News

Weekly mortgage rates slip

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Long-term mortgage interest rates dipped slightly this week, as markets awaited Federal Reserve Chairman Alan Greenspan's testimony on current economic conditions, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.66 percent for the week ended today, down from 5.72 percent last week. The average for the 15-year fixed-rate mortgage this week is 4.96 percent, down from last week's average of 5.03 percent. Points on both the 30- and 15-year averaged 0.7. One-year Treasury-indexed adjustable-rate mortgages averaged 3.57 percent this week, with an average 0.7 point, down from 3.61 percent last week. "Markets remained tame while waiting for Federal Reserve Board Chairman Alan Greenspan's semi-annual testimony to House members about the state of the economy," said Frank Nothaft, Freddie Mac chief economist. "Greenspan led the markets to believe that the Fed's actions would be on hold unti...