Industry NewsMortgage

Mortgage rates retreat again

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Mortgage rates eased slightly this week, and demand for purchase loans picked up last week to the highest level in months ahead of a scheduled increase in FHA premiums, surveys show.Freddie Mac's weekly Primary Mortgage Market Survey showed rates on 30-year fixed-rate mortgages averaging 3.98 percent with an average 0.7 point for the week ending April 5, down from 3.99 percent last week and 4.87 percent a year ago. Rates on 30-year fixed-rate mortgages hit an all-time low in records dating to 1971 of 3.87 percent during the first three weeks of February.Rates on 15-year fixed-rate mortgages averaged 3.21 percent with an average 0.7 point, down from last 3.23 percent last week and 4.1 percent a year ago. Rates on 15-year loans hit a low in records dating to 1991 of 3.13 percent during the week ending March 8.For five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.86 percent with an average 0.8 point, down from 2.9 percent last week and 3.72 percent a...