Industry News

Real estate rates sink to 10-month lows

Weak job market fuels decline

Long-term mortgage rates dropped for the sixth consecutive week, according to Freddie Mac's weekly mortgage survey. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.57 percent, with an average 0.8 points, for the week ended today, down from last week when it averaged 5.63 percent. The 30-year fixed-rate mortgage has not been this low since the week ending April 1, 2004, when it averaged 5.52 percent. The average for the 15-year fixed-rate mortgage this week is 5.1 percent, with an average 0.7 points, down from last week when it averaged 5.14 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.99 percent this week, with an average 0.7 points, down very slightly from 5 percent last week. There is no annual historical information for last year since Freddie Mac began tracking this mortgage rate at the start of this year. The one-year Treasury-indexed adjustable-rate mortgage averaged 4.11 percent this week, with an average 0.8 point, down ...