Industry NewsMortgage

Mortgage rates pull back from surge

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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 provide new indications of a slowing economy. Rates for 30-year fixed-rate mortgages (FRM) averaged 6.2 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. The 15-year FRM this week averaged 5.88 percent with an average 0.7 point, down from 6.19 percent last week and 5.9 percent a year ago, Freddie Mac said. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.19 percent with an average 0.6 point, down from 6.36 percent last week but up from 5.89 percent a year ago. One-year Treasury-indexed ARMs averaged 5.25 percent with an average 0.4 point, down from 5.38 percent last week and 5.50 percent a year ago. The economy shra...