Industry NewsMortgage

Freddie Mac: Rates lower on 30-year mortgages

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Long-term mortgage rates ended the week mixed, Freddie Mac reported today, with the 30-year fixed-rate average sinking slightly. The average rate on 30-year fixed loans dipped to 6.05 percent from 6.06 percent one week ago, and averaged 6.21 percent a year ago, according to Freddie Mac. The average rate on 15-year fixed loans edged up from 5.59 percent to 5.6 percent, still below the 5.92 percent average reported this time last year. To qualify for these rates, borrowers must pay points, or fees that lenders charge for loan processing expressed as a percent of the loan, which this week averaged 0.3 on the 30- and 15-year loans. "Despite a weak housing market, mortgage rates remained almost unchanged this week based on better-than-expected economic data releases that indicated the economy still has some staying power," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. "Job losses lessened in April and conditions in both the man...