Mortgage rates were held lower by worries over a slowing economy and a continuing housing slump, the Freddie Mac Primary Mortgage Survey said Thursday.

The 30-year fixed-rate mortgage averaged 6.33 percent with an average 0.5 points this week, down from last week’s 6.40 percent.

The 15-year FRM this week averaged 5.99 percent with an average 0.6 points, down from last week’s 6.08 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 6.03 percent this week, with an average 0.5 points, down from last week’s 6.11 percent.

One-year Treasury-indexed ARMs averaged 5.66 percent this week with an average 0.6 points, down from last week when it averaged 5.76 percent.

“Market concerns about slower economic growth over the next few months allowed mortgage rates to drift lower from last week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “How much of a drag the housing slump will be on the economy remains unknown.”

Freddie Mac is a stockholder-owned corporation established by the U.S. Congress in 1970 to support homeownership and rental housing.  // Copyright 2007 by United Press International



Publication date: 26 October 2007   

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