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Home arrow Real Estate News arrow General News arrow Mortgage rates slumps for the 5th week

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Mortgage rates slumps for the 5th week
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Friday, 25 August 2006

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WASHINGTON - 30-year mortgage rates fell for the fifth consecutive week as both sales of existing and new homes in July turned down.  This confirms a cooling housing market.

The mortgage company Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.48 percent this week, down from 6.52 percent last week.  That was the lowest level for 30-year mortgages since they averaged 6.43 percent the week of April 6.

The rollback in rates is evidenced by further by the slowing economy which eases inflation pressures, analysts view.

  Sales of new homes have fell down since July while inventory of unsold ones went up to a record high, the Commerce Department reported Thursday.  This followed news from the National Association of Realtors that sales previously owned homes slid 4.1 percent.   Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 6.18 percent this week, down from 6.20 percent. For one-year adjustable-rate mortgages, it dipped to 5.60 percent from 5.65 percent last week.

The mortgage rates do not include add-on fees known as points. Thirty-year mortgages and 15-year mortgages both carried a nationwide average fee of 0.4 point. One-year ARMS carried a nationwide average fee of 0.7 point while five-year ARMs carried an average fee of 0.5 point.

A year ago, 30-year mortgages averaged 5.77 percent, 15-year mortgages stood at 5.35 percent, one-year ARMs were at 4.56 percent and five-year ARMs averaged 5.30 percent.

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