Industry NewsMortgage

Mortgage rates ease slightly

Freddie Mac: 15-year fixed at record low

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Rates on most mortgages eligible for purchase or guarantee by Freddie Mac fell slightly this week, remaining well below 5 percent for borrowers with good credit and sizeable down payments. The 30-year fixed-rate mortgage (FRM) averaged 4.82 percent with an average 0.6 point for the week ending April 16, 2009, down from 4.87 percent last week and 5.88 percent a year ago, Freddie Mac said in releasing results of its weekly rate survey. The 15-year FRM averaged 4.48 percent with an average 0.6 point, down from 4.54 percent last week and 5.4 percent a year ago. The 15-year FRM is the lowest it's been since Freddie Mac began tracking it in August 1991. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.88 percent this week, with an average 0.6 point, down from 4.93 percent last week and 5.48 percent a year ago. Rates on 5-year ARMs have not been lower since Freddie Mac began tracking them in January 2005. One-year Treasury-indexed ARMs averaged 4.91 p...