Mortgage rates pull back from surge

Real estate brief

Rates on both fixed-rate and adjustable-rate mortgages retreated this week from a recent surge, but lenders continue to tighten standards as a pullback in consumer spending and weaker job market provides new indications of a slowing economy.

Rates for 30-year fixed-rate mortgages (FRM) averaged 6.20 percent with an average 0.7 point or the week ending Nov. 6, down from 6.46 percent last week and 6.24 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.