Industry News

Mortgage rates fall on weak economic news

30-year fixed expected to stay below 7% this year

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Mortgage rates fell for the second consecutive week as slower economic growth eased inflation concerns, according to surveys conducted by Freddie Mac and In Freddie Mac's survey, the 30-year fixed-rate mortgage dropped to an average 6.63 percent this week, down from last week's average of 6.72 percent. The average for the 15-year fixed-rate mortgage also sank from last week, falling from 6.34 percent to 6.27 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.3 on the 30- and 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 6.27 percent this week, with an average 0.4 point, down from last week when it averaged 6.35 percent. The one-year Treasury-indexed ARM averaged 5.69 percent, with an average 0.7 point, down from last week when it averaged 5.78 percent. "Second-quarter Gross Domestic Product (GDP) came in weaker than the market had expected. This means inflat...