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Home arrow Real Estate News arrow General News arrow Mortgage rates slump for the sixth week

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Mortgage rates slump for the sixth week
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Tuesday, 05 September 2006

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WASHINGTON - Mortgage giant Freddie Mac said Thursday that 30-year, fixed-rate mortgages dipped to 6.44 percent this week, down from 6.48 percent last week.  Rates on 30-year mortgages fell for the sixth consecutive week, providing home buyers with more relief from an earlier rise in rates.

Before beginning a sustained decline as financial markets became more convinced that a slowing economy would keep inflation under control, mortgage rates hit a four-year high of 6.80 percent. 

“Mortgage rates continued to drift lower in large part because of the cooling in the housing market and in consumer confidence, thus giving financial markets reason to believe that economic growth will moderate and inflation will remain in check,” said Frank Nothaft, chief economist at Freddie Mac.

The Federal Reserve left interest rates unchanged, breaking a two-year period of rate increases. Many private economists believe the central bank may be finished raising rates as long as inflation pressures remain reasonable.
Sales of both new and existing homes set records for five consecutive years through 2005 as buyers reacted to the lowest mortgage rates in more than four decades.


Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 6.14 percent this week, down from 6.18 percent last week.  For one-year adjustable-rate mortgages, rates dipped to 5.59 percent, down from 5.60 percent last week.  Rates on five-year adjustable-rate mortgages fell to 6.11 percent this week, down from 6.14 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 a fee of 0.5 point.


Edwina Baniqued

 
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