Industry News

Mortgage rates end week mixed

Concerns about consumer spending, credit quality impact investors

Long-term mortgage rates posted mixed movement this week in response to recent good and bad economic reports, Freddie Mac and Bankrate.com said today. According to Freddie Mac Vice President and Chief Economist Frank Nothaft, "Reports of weaker consumer spending in September and a decline in manufacturing activity in October kept mortgage rates at bay this week. Rates for long-term mortgages were little changed, while rates for ARMs fell following the Federal Reserve's interest-rate cut." In Freddie Mac's survey, the average 30-year fixed-rate mortgage dropped to 6.24 percent from last week's 6.26 percent, and is now at its lowest level since May 17 when it averaged 6.21 percent. The 15-year fixed-rate mortgage dipped to an average 5.9 percent from last week's 5.91 percent, which is now the lowest that rate has been since May 10 when it averaged 5.87 percent. Points, or fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 0...