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30-year, other mortgage rates fall
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WASHINGTON (AP) — Mortgage rates fell this week, with 30-year mortgage rates dropping to the lowest level in six weeks as investors became less worried that the Federal Reserve would soon tighten credit policy to stall inflation.
Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.26 percent.
That was down from 6.37 percent last week. It marked only the second weekly decline in the past eight weeks and left the 30-year rate at the lowest point since it averaged 6.09 percent the week of June 5.
Analysts attributed the decline in part to comments made this week by Federal Reserve Chairman Ben Bernanke. He indicated in his mid-year economic report to Congress that the central bank was poised between concerns about rising inflation pressures and the weakening economy.
Other rates dropped as well, according to Freddie Mac's nationwide survey.
Rates on 15-year fixed-rate mortgages, a popular option for refinancing, dipped to 5.78 percent, down from 5.91 percent last week. Rates on five-year adjustable-rate mortgages fell to 5.80 percent, down slightly from 5.82 percent last week, while rates on one-year ARMs dropped to 5.10 percent, down from 5.17 percent last week.
The mortgage rates do not include add-on fees known as points. The nationwide fee for 30-, 15-, five- and one-year mortgages all averaged 0.6 point.
A year ago, rates on 30-year mortgages stood at 6.73 percent, 15-year rates averaged 6.38 percent, five-year adjustable-rate mortgages were at 6.35 percent and one-year adjustable-rate mortgages averaged 5.72 percent.
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