Industry News

Mortgage rates slip to 6-month lows

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Long-term mortgage rates eased this week, according to surveys released by Freddie Mac and Bankrate. The 30-year fixed-rate mortgage averaged 5.69 percent, with an average 0.7 points, for the week ended today, down from last week when it averaged 5.74 percent. The average for the 15-year fixed-rate mortgage this week fell to 5.07 percent, with an average 0.6 points, down from 5.14 percent. Rates on one-year adjustable-rate mortgages averaged 4.02 percent this week, with an average 0.7 point, up slightly from last week when it averaged 4.01 percent. "Treasury bond yields eased somewhat this week, causing long-term mortgage rates to drift a little lower from last week," said Frank Nothaft, Freddie Mac chief economist. "Mortgage rates for 1-year adjustable-rate mortgages, however, were almost unchanged, rising only one basis point in the same time frame. "Lower mortgage rates, in turn, caused mortgage application activity to increase last week in both the refinance and home-purchase ...