Industry NewsMortgage

Rates on fixed-rate mortgages improve

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Rates on fixed-rate mortgages fell for the week ending Aug. 21, while rates on adjustable-rate mortgages were stable or up slightly, Freddie Mac said today in its weekly Primary Mortgage Market Survey.Rates on 30-year fixed-rate mortgages averaged 6.47 percent with an average 0.7 point, down from 6.52 percent last week and 6.52 percent a year ago. The 15-year fixed-rate mortgage averaged 6 percent with an average 0.7 point, down from 6.07 percent a week ago, and 6.18 percent a year ago.Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.99 percent with an average 0.6 point, down from 6.02 percent last week and 6.34 percent a year ago. One-year Treasury-indexed ARMs averaged 5.29 percent with an average 0.5 point, up from 5.18 percent last week and 5.6 percent a year ago.Although mortgage rates are affordable by historical standards, there is continued evidence of weakness in housing, Freddie Mac Chief Economist Frank Nothaft said in a statement accompanying th...