Industry News

Oil price relief sinks real estate rates

Consumer confidence, home sales to impact movement

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Mortgage rates fell for the first time in 13 weeks as falling oil prices eased inflation fears, according to Freddie Mac's weekly survey. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.28 percent for the week ended today, down from last week's average of 6.37 percent. The average for the 15-year fixed-rate mortgage is 5.81 percent, also down from last week when it averaged 5.9 percent. Points on both the 30- and 15-year averaged 0.6. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.75 percent this week, with an average 0.8 point, down from last week when it averaged 5.86 percent. The one-year Treasury-indexed ARM averaged 5.14 percent, with an average 0.7 point, down from last week when it averaged 5.2 percent. "Lower oil prices – at least compared to the last several months – have helped to alleviate some of the inflation fears that the market has been experiencing lately," said Frank Nothaft, Freddie Mac vice president and c...