Mortgage Rates Ease for 1st Time in 5 Weeks...

Confidence that the Federal Reserve will continue to keep inflation in check helped ease the average mortgage rates for the first time in five weeks, with the national average commitment rate on a 30-year, fixed mortgage down slightly to 6.26 percent from 6.28 percent last week, according to Freddie Mac.

The national average commitment rate on a 15-year, fixed mortgage also edged down to 5.89 percent from last week's 5.91 percent.

The national average commitment rate, along with fees and points charged by lenders, reflects the cost of obtaining a mortgage.

The average rate on a five-year adjustable-rate mortgage bumped up to 5.96 percent this week from 5.95 percent last week, while the average rate on a one-year ARM fell to 5.32 percent from 5.36 percent last week.

“Over the long term, we expect mortgage rates will bounce back and forth a bit, remaining near current levels," says Frank Nothaft, Freddie Mac vice president and chief economist.

— REALTOR® Magazine Online