Industry News

Real estate rates finish week lower

Impact of latest economic news downplayed

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Mortgage rates dropped for the second consecutive week, Freddie Mac reported today in its latest mortgage survey. Freddie Mac reported that the 30-year fixed-rate mortgage dipped to an average 6.24 percent for the week ended today, down from last week's average of 6.26 percent. The average for the 15-year fixed-rate mortgage remained at 5.89 percent. Points on both the 30- and 15-year averaged 0.6. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.97 percent this week, with an average 0.6 point, up slightly from last week when it averaged 5.96 percent. The one-year Treasury-indexed ARM averaged 5.34 percent, with an average 0.8 point, up from last week when it averaged 5.32 percent. "Consumer confidence slipped in February to the lowest reading in three months, but manufacturing activity appears to have strengthened last month. On net, the latest economic news had little effect on mortgage rates this week," said Frank Nothaft, Freddie Mac vice president and chi...