Industry News

Surveys: Mortgage rates end week mixed

Fed pauses again, but economic weakness may inspire rate cuts

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Mortgage rates declined for the second straight week in Freddie Mac's mortgage survey, thanks to the real estate slowdown and tamer inflation, while reported that rates stood still, the companies announced today. In Freddie Mac's survey, the 30-year fixed-rate mortgage fell this week to an average 6.4 percent, down from last week when it averaged 6.43 percent. The 15-year fixed-rate mortgage also declined during the period, falling from 6.11 percent to 6.06 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 6.08 percent this week, with an average 0.5 point, down from last week when it averaged 6.1 percent. The one-year Treasury-indexed ARM averaged 5.54 percent, with an average 0.8 point, down from last week when it averaged 5.6 percent. "A slowing housing market and signs that inflation is leveli...