Industry NewsMortgage

Freddie Mac: Rates dip on 30-year mortgages

Expectation that inflation will moderate keeps rates from rising

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Long-term mortgage rates were mixed this week while rates on adjustable loans declined, Freddie Mac reported today. The average 30-year fixed-rate loan dipped to 6.01 percent from last week's 6.05 percent, still below the year-ago average of 6.15 percent, according to Freddie Mac. On 15-year fixed-rate loans, the average was unchanged at 5.6 percent, considerably lower than the 5.87 percent reported a year ago. 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 0.6 and 0.5, respectively, on the 30- and 15-year loans. "Recent remarks by Federal Reserve (Fed) officials, which partly bolstered optimism that financial markets will recover later this year, helped mortgage rates ease up a little this week," said Frank Nothaft, Freddie Mac vice president and chief economist, in a prepared statement. "Fed Chairman Bernanke indicated in a speech on May 1...