Rates on 30-year mortgages edge lower; 15-year the same
• | Hawai'i Real Estate Report |
By Martin Crutsinger
Associated Press
WASHINGTON — Rates on 30-year mortgages, after rising for the first time in five weeks, edged down slightly this week.
Mortgage giant Freddie Mac reported yesterday that 30-year fixed-rate mortgages dipped to 6.36 percent. That compared to 6.37 percent last week when rates had risen after having fallen to a seven-month low of 6.24 percent.
All categories of mortgages showed little change this week, a fact that analysts attributed to financial markets preferring to wait and see what the Federal Reserve will do at its meeting next week.
"General consensus leans heavily toward the notion that the Fed will not raise rates at that meeting, taking upward pressure off mortgage rates this week," said Frank Nothaft, chief economist at Freddie Mac.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 6.06 percent this week, the same as last week.
Rates on one-year adjustable-rate mortgages edged up slightly to 6.11 percent, compared to 6.10 percent last week.
Rates on five-year adjustable -ate mortgages rose to 5.57 percent, up from last week's 5.56 percent.
The mortgage rates do not include add-on fees known as points. The 30-year, 15-year and five-year mortgages each carried an average nationwide fee of 0.5 point. The one-year ARM had a nationwide average fee of 0.8 point.
A year ago, 30-year mortgages averaged 6.10 percent, 15-year mortgages stood at 5.65 percent, one-year ARMs were at 4.89 percent and the five-year ARMs were at 5.59 percent.