Industry NewsMortgage

Mortgage rates plunge this week

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Interest rates for 30-year fixed-rate mortgages dipped below 6 percent for the week ending Sept. 11, as investors who buy securities that fund loans reacted to a government bailout plan that includes explicit backing of the debt of mortgage financiers Fannie Mae and Freddie Mac.Borrowers seeking 30-year fixed-rate mortgages paid an average of 5.93 percent and 0.7 point for the week, down from 6.35 percent a week ago and 6.31 percent a year ago, Freddie Mac said in its weekly Primary Mortgage Market Survey. The 15-year fixed-rate mortgage averaged 5.54 percent with an average 0.7 point, down from 5.9 percent a week ago and 5.97 percent a year ago.Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.87 percent with an average 0.7 point, down from 5.97 percent a week ago and 6.17 percent a year ago.One-year Treasury-indexed ARMs averaged 5.21 percent with an average 0.6 point, up from 5.15 percent last week but down from 5.66 percent a year ago.The Mortgage Banker...