Mortgage Rates Ease

As reported by Inman News - "Mortgage rates pull back from surge":

Rates on both fixed-rate and adjustable-rate mortgages retreated this week from a recent surge, but lenders continue to tighten standards as a pullback in consumer spending and weaker job market provide new indications of a slowing economy.

Rates for 30-year fixed-rate mortgages (FRM) averaged 6.2 percent with an average 0.7 point or the week ending Nov. 6, down from 6.46 percent last week and 6.24 percent a year ago, according to Freddie Mac's latest Primary Mortgage Market Survey.

The 15-year FRM this week averaged 5.88 percent with an average 0.7 point, down from 6.19 percent last week and 5.9 percent a year ago, Freddie Mac said.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.19 percent with an average 0.6 point, down from 6.36 percent last week but up from 5.89 percent a year ago.

One-year Treasury-indexed ARMs averaged 5.25 percent with an average 0.4 point, down from 5.38 percent last week and 5.50 percent a year ago.

Mortgage rates continue to ebb and flow up and down. In short, mortgage rates have been and continue to remain extremely attractive. Qualifying for one of these loans with one of these great rates, good luck. Bring your docs, some cash, and a good luck charm.