Industry News

Fixed mortgage rates slide

Economy not growing at a blistering pace

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Mortgage rates continued to creep lower this week, as economic conditions remained sluggish, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.98 percent for the week ended today, down slightly from last week when it averaged 6 percent. The average for the 15-year fixed-rate mortgage this week is 5.39 percent, down one basis point from last week when it averaged 5.4 percent. Points on both the 30- and 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 4.12 percent this week, with an average 0.6 point, up from last week when it averaged 4.02 percent. "Although Chairman Greenspan stated in his testimony before Congress recently that the economy may have hit a 'soft patch' in June, his outlook for the second half of the year was more upbeat than expected," said Frank Nothaft, Freddie Mac vice president and chief economist. "Stronger growth in the economy wi...