Industry News

Mortgage rates approach 2006 lows

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Mortgage rates came down for the third straight week, as the decline in consumer confidence and home prices kept a lid on economic growth, Freddie Mac and reported today in their weekly surveys. In Freddie Mac's survey, the 30-year fixed-rate mortgage fell to an average 6.14 percent this week, down from 6.18 percent a week ago, and is at its lowest level since late January when the rate averaged 6.12 percent, Freddie Mac said. The 15-year fixed-rate mortgage this week approached a 10-month low, as the average fell to 5.87 percent from 5.91 percent last week. It averaged 5.81 percent during the first week of February 2006. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.95 percent this week, with an average 0.5 point, down from 5.99 percent last week. The one-year Treasury-indexed ARM averaged 5.46 perc...