Industry News

Real estate rates end week lower

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Mortgage rates moved lower this week as financial markets grew more confident that the Federal Reserve would cool its 13-month-long interest-rate hikes, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.21 percent for the week ended today, down very slightly from last week's average of 6.22 percent. The average for the 15-year fixed-rate mortgage is 5.76 percent, unchanged from last week. Points on both the 30- and 15-year averaged 0.5. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.78 percent this week, with an average 0.7 point, down very slightly from last week when it averaged 5.79 percent. The one-year Treasury-indexed ARM averaged 5.16 percent, with an average 0.7 point, up very slightly from last week when it averaged 5.15 percent. "Financial markets paused this week, trying to decipher the December minutes of the Federal Reserve's monetary policy committee, which seemed...