Industry News

Mortgage rates slide

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Mortgage rates fell for the second consecutive week as the economy treaded water, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.81 percent for the week ended today, slipping from last week when it averaged 5.85 percent. The average for the 15-year fixed-rate mortgage this week is 5.19 percent, down from last week's average of 5.24 percent. Points on the 30-year averaged 0.7; points on the 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 4.01 percent this week, with an average 0.6 point, down from last week when it averaged 4.08 percent. "Mortgage rates eased even further this week in response to a setback in economic growth during June and possibly July," said Frank Nothaft, Freddie Mac vice president and chief economist. "However, we believe the slowdown to be temporary and we expect growth to pick back up in the second half of this year. "In...