Mortgage rates decline slightly
Freddie Mac says rates on 30-year home loans came down amid upbeat economic reports and Bernanke comments.
Current Mortgage Rates |
| Type | Overnight avgs |
|---|---|
 | |
| 30 yr fixed mtg | 5.30% |
| 15 yr fixed mtg | 4.81% |
| 30 yr fixed jumbo mtg | 6.31% |
| 5/1 ARM | 4.62% |
| 5/1 jumbo ARM | 5.11% |
| |
Current Mortgage Rates |
| Type | Overnight avgs |
|---|---|
| |
| 30 yr fixed mtg | 5.30% |
| 15 yr fixed mtg | 4.81% |
| 30 yr fixed jumbo mtg | 6.31% |
| 5/1 ARM | 4.62% |
| 5/1 jumbo ARM | 5.11% |
| |
NEW YORK (CNNMoney.com) -- Rates on 30-year mortgages eased this week, but remained above 6%, as signs that the overall economy is recovering helped offset ongoing weakness in the housing market, mortgage backer Freddie Mac said Thursday.
Freddie Mac said 30-year fixed-rate mortgages averaged 6.01% this week with an average of 0.6 point, down from 6.05% last week. Last year at this time, the 30-year loan averaged 6.15%.
"Despite the bleak housing market, there was positive news on the overall state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
Nothaft said comments made Tuesday by Federal Reserve officials, including Chairman Ben Bernanke, bolstered optimism that financial markets will recover later this year and "helped mortgage rates ease up a little this week."
A number of economic reports released this week also helped support the perception of recovery.
The Commerce Department said Tuesday that total retail sales fell 0.2% in April, meeting economists' expectations and reversing a gain of 0.2% in March. But minus volatile auto sales, retail sales rose 0.5% last month, topping the consensus forecast of a 0.2% increase.
On Wednesday, the Labor Department said its Consumer Price Index, a key measure of inflation, rose at a slower-than-expected pace in March. The overall index rose 0.2% last month, compared to the 0.3% increase recorded the month before.
But the component that measures food prices rose to an 18 year high, while the component that measures seasonally adjusted energy prices held steady.
Rates on other types of mortgages were unchanged or lower.
Freddie Mac said 15-year fixed-rate loans averaged 5.60% with an average 0.6 point, unchanged from last week. A year ago, the 15-year rate averaged 5.87%.
Rates on five-year adjustable-rate mortgages (ARMs) averaged 5.57% this week, with an average 0.6 point, down from last week when it averaged 5.67%. A year ago, the 5-year ARM averaged 5.89%.
One-year Treasury-indexed ARMs averaged 5.18% this week with an average 0.7 point, down from last week when it was 5.29%. At this time last year, the 1-year ARM averaged 5.48%. 
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