Mortgage rates fell for the sixth time in a row, with the thirty-year mortgage landing at the lowest level since April. According to Freddie Mac's weekly report, 30-year fixed-rate mortgages averaged 6.44% this week, down from 6.48% the week prior. This was the lowest level for 30-year fixed-rate mortgages since the first week in April, when rates averaged 6.43%. One year ago, the 30-year averaged 5.71%.
"Mortgage rates continued to drift lower this week 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 for Freddie Mac.
The 15-year fixed-rate mortgage was also down this week, averaging 6.14%, down slightly from 5.18%. For the same week last year, the 15-year had an average rate of 5.32%.
The five-year adjustable-rate mortgage fell to 6.11% this week, down from 6.14%. The one-year ARM saw only a slight decrease, from 5.60 to 5.59. The one-year ARM had a rate of 4.48% last year, while the five-year ARM had an average rate of 5.30%.
The 30-year and 15-year mortgages had an average fee of 0.4 point. The one-year ARM had an average fee of 0.7, while the five-year ARM carried a fee of 0.5 point.
Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com , a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!