Industry News

Fixed mortgages plunge to 10-week lows

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Mortgage rates this week fell to lows not seen since April after news of last month's disappointing job growth, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 6.01 percent for the week ended today, down from last week when it averaged 6.21 percent. The average for the 15-year fixed-rate mortgage this week is 5.42 percent, also down from last week when it averaged 5.62 percent. Points on both the 30- and 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 4.05 percent this week, with an average 0.6 point, down from last week when it averaged 4.19 percent. "Long-term mortgage rates this week fell to levels equal to those experienced in April, reacting in large part to last Friday's news of less-than-stellar job growth in June," said Frank Nothaft, Freddie Mac vice president and chief economist. "This is good news for those who are still house hunting, as l...