Mortgage Rates Dropped for the First Time in 4 Weeks

Atlanta

Business Chronicle - by Barton Eckert

§                

§                                  

§                                  

Freddie Mac says mortgage rates dropped this week for the first time in four weeks.

The McLean, Va.-based mortgage buyer says the average fixed 30-year loan fell to 5.38 percent for the week ending June 18, from 5.59 percent a week ago. A year ago, 30-year fixed mortgages averaged 6.42 percent, according to Freddie Mac's weekly surveys.

“Reports of benign inflation figures reversed the upward trend of mortgage rates this week," said Frank Nothaft, vice president and chief economist at Freddie Mac, in a statement.

Freddie Mac (NYSE: FRE) says the 15-year rate now averages 4.89 percent down from 5.06 percent last week. One-year treasury index adjustable rate mortgages are averaging 4.95 percent. That is down from 5.04 percent.