Industry News

Mortgage rates slide further this week

Housing, consumers impact economic outlook

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Mortgage rates fell for the second consecutive week as disappointing home sales and consumer confidence cast doubt on the strength of the economy, Freddie Mac reported today in its weekly survey. The 30-year fixed-rate mortgage dipped to an average 6.16 percent from 6.17 percent last week, Freddie Mac reported, and the 15-year fixed rate sank from 5.89 percent to 5.87 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. Adjustable-rate mortgages (ARMs) became slightly more affordable this week, as the five-year Treasury-indexed hybrid ARM fell to an average 5.88 percent from last week's 5.92 percent and the one-year Treasury-indexed ARM slipped from 5.45 percent to 5.43 percent. Points on these loans averaged 0.7 percent. "Recent economic data releases showing weaker existing-home sales in March, coupled with lower consumer confidence in April, caused the market to pause and re-eval...