Industry News

Economy, housing keep mortgage rates down

Market weakness causes 4-week slump, surveys show

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Mortgage rates sank for the fourth straight week on news of softening real estate markets and a disappointing economic report from the manufacturing sector, Freddie Mac and Bankrate.com reported today in their weekly surveys. In Freddie Mac's survey, the 30-year fixed-rate mortgage dropped to an average 6.11 percent this week from 6.14 percent last week, remaining near an 11-month low. The 15-year fixed-rate loan approached a 10-month low, falling to 5.84 percent from last week's 5.87 percent average. 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 5.92 percent this week, with an average 0.5 point, down from last week when it averaged 5.95 percent. The one-year Treasury-indexed ARM averaged 5.43 percent this week, with an average 0.7 point, down from last week when it averaged 5.46 percent. "Continued signs of slow...