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Drop in rates brings 30-year back near 6%, under last year's level
The benchmark mortgage fell back near 6% this week, reversing a big jump over the previous two weeks, Freddie Mac reported Thursday.
The national average rate on the 30-year dropped to 6.03% in the week ending Thursday, down from 6.24% a week ago. A year ago, the 30-year, fixed-rate loan averaged 6.14%. The 15-year loan, a popular choice for refinancing, fell to an average 5.47% from 5.72% a week ago. The 15-year, fixed-rate mortgage averaged 5.86% at this time last year.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.34% this week, down from 5.43%. A year ago the loan averaged 5.90%. One-year Treasury-indexed ARMs averaged 4.94%, down from 5.11% last week and 5.47% a year ago.
All four loans required the payment of 0.5 point to achieve the rate; a point is 1% of the loan amount, charged as prepaid interest.
"Weak economic reports that indicated declines in the job market, slowing in manufacturing and low consumer confidence drove bond yields lower this week and mortgage rates followed," said Frank Nothaft, Freddie Mac chief economist, in a release. "Interest rates for 30-year fixed-rate mortgages are now at the same levels as they were two weeks ago, erasing last week's upward jump.
"Meanwhile, the ... more

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