Industry News

Mortgage rates fall again this week

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Long-term mortgage rates slid further this week on cooler July home sales and waning consumer confidence, Freddie Mac and reported today. In Freddie Mac's survey, the 30-year fixed-rate mortgage dropped to an average 6.45 percent from last week's 6.52 percent, and the 15-year fixed was down to 6.12 percent from 6.18 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. The story was a bit different for adjustable-rate mortgages (ARMs), however, on which rates this week rose by about "a quarter of a percent," Freddie Mac Vice President and Chief Economist Frank Nothaft said in a statement. The average rate on the five-year Treasury-indexed hybrid ARM inched up to 6.35 percent from last week's 6.34 percent, while the one-year hybrid ARM climbed to 5.84 percent from 5.6 percent, according to Freddie Mac. Points on these loans averaged 0.6 and 0.8, respectively. "The increase in ARM ra...