Industry News

Mortgage rates slide

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Another week of disappointing economic reports caused mortgage rates to drop again, according to surveys conducted this week by Freddie Mac and From a sharp stock sell-off to slumping new-home sales to weaker gross domestic product growth, the news suggests a slower economy and lower inflation are in the works. As a result, the 30-year fixed-rate mortgage fell to an average 6.18 percent from 6.22 percent last week, according to Freddie Mac's survey, while the 15-year fixed-rate mortgage slid from 5.97 percent to 5.92 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30-year and 0.5 on the 15-year loans. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.93 percent this week, with an average 0.6 point, down from 5.96 percent last week, while one-year Treasury-indexed ARMs held at 5.49 percent, with points averaging 0.6. Real GDP, which measures the total value of goods and s...