Mortgage Rates Dropping

Rates on 30-year mortgages have edged down slightly this week after an upswing last week.

Mortgage bank Freddie Mac reported that 30 year, fixed-rate mortgages dipped to 6.36 percent. Compared to 6.37 percent the previous week when rates had risen after having fallen to 6.24 percent a 7-month low.

“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 the previous 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 rate mortgages rose to 5.57 percent, up from last week’s 5.56 percent. These ARM mortgages have seen a recent uptick in foreclosures around the country.

A year ago, 30-year mortgages averaged 6.1 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. Analysts are mixed on where they are headed with many staying they will hover for a while.

Source: Freddiemac

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