Industry News

Mortgage rates calm in weekly surveys

Revised job growth figures ease inflation risk

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Mortgage rates posted another week of mixed results as weak job growth helped keep a lid on inflation, Freddie Mac and reported today in their weekly surveys. According to Freddie Mac, the 30-year fixed-rate mortgage dipped to an average 6.15 percent from last week's 6.16 percent and the 15-year fixed-rate mortgage held at 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. Costs on adjustable-rate mortgages (ARMs) ticked higher this week, as the five-year Treasury-indexed hybrid ARM rose from 5.87 percent to 5.89 percent and the one-year ARM rate grew from 5.42 percent to 5.48 percent. Points on these loans averaged 0.6 and 0.7, respectively. "Low employment growth in April -- the slowest pace since November 2004 -- and downward revisions to both February and March job growth tempered market concerns of future increases in the rate of inflation," Frank Nothaft, Freddie Mac v...