Mortgage rates ease slightly after three weeks of gains

In the 12-month period ending July, the housing sector lost 260,000 jobs while the overall economy gained 1.8 million new non-farm payroll employees, Nothaft said, and the housing market lost about a percentage point off of GDP growth through consumption and investment for the 12 months ending June. In its latest mortgage market survey, Freddie Mac said rates on 15-year fixed-rate loans averaged 6.03 percent, down from an average 6.09 percent last week and 5.98 percent a year ago.

Five-year adjustable-rate mortgages (ARMs) averaged 6.11 percent this week, down from an average last week of 6.15 percent. A year ago, 5-year adjustable-rate mortgages averaged 6 percent. One-year adjustable-rate mortgages averaged 5.58 percent this week, down from 5.60 percent last week. At this time last year, the 1-year ARM averaged 5.46 percent.
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