Industry News

Mortgage rates in 4-week freefall

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Mortgage rates declined for the fourth straight week on news of disappointing home construction and a slowing economy, according to Freddie Mac's weekly mortgage survey. In Freddie Mac's survey, the 30-year fixed-rate mortgage dipped to an average 6.52 percent this week, down from last week's average of 6.55 percent and down significantly from 6.8 percent four weeks ago. The average for the 15-year fixed-rate mortgage this week remained at 6.2 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) fell to 6.18 percent this week, with an average 0.4 point, from last week's rate of 6.21 percent. The one-year Treasury-indexed ARM averaged 5.65 percent, with an average 0.5 point, down from last week when it averaged 5.69 percent. "Long-term rates continue to relax as economic reports support a picture of a weakening housing s...