Industry News

Slow economy keeps mortgage rates down

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Mortgage rates fell further this week on the belief the economy is in for more slow growth, according to surveys conducted by Freddie Mac and   In Freddie Mac's survey, the 30-year fixed-rate mortgage dropped to an average 6.14 percent from last week's 6.18 percent, while the 15-year fixed-rate mortgage slid from 5.92 percent to 5.86 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans.   Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.9 percent this week, with an average 0.5 point, down from last week's 5.93 percent. One-year Treasury-indexed ARMs averaged 5.47 percent, with an average 0.6 point, down from 5.49 percent last week.   "Mortgage rates slid further in the past week to the lowest level this year, as volatility in overseas stock markets led to questions about implications for the U.S. economy," said Frank Nothaft, Freddie Ma...