Industry NewsMortgage

Mortgage rates bottom out

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After being in freefall for much of the summer, mortgage rates took a break from their record-setting ways this week, with rates on three out of four mortgage types tracked by Freddie Mac flat or increasing slightly from last week.Rates for 30-year fixed-rate mortgage averaged 4.35 percent with an average 0.7 point for the week ending Sept. 9, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.That's up from 4.32 percent last week -- a low in records dating to 1971 -- but still well below the 5.07 percent average recorded during the same week a year ago.Rates on 15-year fixed-rate mortgages averaged 3.83 percent with an average 0.6 point, unchanged from last week and down from 4.5 percent a year ago. Rates on 15-year fixed-rate loans have never been lower since Freddie Mac began tracking them in 1991.Also edging up were rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, which averaged 3.56 percent with an average 0.6 poin...