Industry NewsMortgage

Mortgage rates dip below 6%

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Interest rates on longer-term fixed- and adjustable-rate mortgages fell for the first time in three weeks, as investors fled to the relative safety of bond markets, Freddie Mac reported in its weekly mortgage market survey. Rates on 30-year fixed-rate mortgages averaged 5.94 percent with an average of 0.6 point for the week ending Oct. 9, down from 6.1 percent the previous week and 6.4 percent a year ago. Rates for 15-year fixed-rate mortgages averaged 5.63 percent with an average 0.6 point, down from 5.78 percent a week ago and 6.06 percent a year ago. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.90 percent with an average 0.6 point, down from 6.00 percent the previous week and 6.12 percent a year ago. One-year Treasury-indexed ARMs averaged 5.15 percent this week with an average 0.6 point, up from 5.12 percent last week but down from 5.73 percent a year ago. "Longer-term mortgage rates fell for the first time in three weeks, roughly...