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The Honolulu Advertiser
Posted on: Friday, February 9, 2007

Mortgage rates go back down a bit

By Martin Crutsinger
Associated Press

WASHINGTON — Rates on 30-year mortgages fell for the first time since early December as lower-than-expected job growth eased worries in financial markets about inflation.

Mortgage giant Freddie Mac reported yesterday that 30-year, fixed-rate mortgages averaged 6.28 percent this week, down from 6.34 percent last week. Last week's level had been the highest for mortgages since October.

The small decline was the first drop in rates since Dec. 7, when 30-year mortgages fell to 6.11 percent, the lowest since early 2006.

The decline this week came after the government reported that the unemployment rate edged up to 4.6 percent in January when a fewer-than-expected 111,000 jobs were created.

The Freddie Mac survey found that other types of mortgage rates also moved lower this week.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, fell to 6.02 percent, down from 6.06 percent last week.

Five-year adjustable rate mortgages fell to 6.02 percent, down from 6.04 percent last week. One-year ARMs dipped to 5.49 percent, down from 5.54 percent last week.

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