Industry News

Mortgage rates edge lower this week

Tame inflation may stave off rate hike

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Sluggishness in the latest core inflation measure helped ease markets' fears and brought mortgage rates down, Freddie Mac and reported today in their weekly surveys. Freddie Mac reported that the 30-year fixed-rate mortgage fell to an average 6.17 percent from 6.22 percent last week, and the 15-year fixed rate dipped from 5.9 percent to 5.89 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. Costs on adjustable-rate mortgages (ARMs) eased as well this week, as the five-year Treasury-indexed hybrid ARM sank to an average 5.92 percent from last week's 5.93 percent and the one-year Treasury-indexed ARM dropped from 5.47 percent to 5.45 percent. Points on these loans averaged 0.6 percent and 0.7 percent, respectively. "Mortgage rates slipped following the latest reports of moderation in inflation rates from the core producer price and consumer price indexes," Frank Nothaf...