Rates on 30-year mortgages edge down slightly / They hover above 6% for third week in a row - market remains very shaky

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(05-10) 04:00 PDT American Capital --

Rates on 30-year mortgages edged down slightly last week, but remained above 6 percentage for the 3rd consecutive week.

Mortgage giant Freddie Macintosh reported Thursday that 30-year fixed-rate mortgages averaged 6.05 percentage last week, compared with 6.06 percentage the former week.

Analysts said rates for all mortgages didn't change much last hebdomad as the lodging industry goes on to face the worst downswing in more than than 20 years.

"The lodging marketplace is still struggling amid falling house terms and stricter loaning standards," said Frank Nothaft, main economic expert at Freddie Mac. "Coupled with higher delinquency and foreclosure rates, a littler share of households ain their places this year."

Nothaft said the national homeownership charge per unit stood at 67.8 percentage in the first three calendar months of this year, according to figs from the Census Bureau, compared with its most recent extremum of 69 percentage in the 3rd one-fourth of 2006.

While the Federal Soldier Modesty cut a cardinal loaning charge per unit on April 30 for the 7th clip since September, it signaled that it was likely to pause, in portion out of concerns that rising prices pressure levels could get to intensify.

The Freddie Macintosh study establish that rates on other types of mortgages were mixed last week.

The norm charge per unit on 15-year, fixed-rate mortgages, a popular pick for refinancing, edged up to 5.60 percent, up from 5.59 percentage the former week.

Five-year adjustable-rate mortgages dropped to 5.67 percent, down from 5.73 percentage the former week. One-year adjustable-rate mortgages were unchanged for a 3rd consecutive week, remaining at 5.29 percent.

The mortgage rates make not include points. For 30-year and 15-year mortgages, the countrywide norm fee was 0.3 of a point. The norm fee for five-year adjustable-rate mortgages was 0.5 of a point, while the norm fee for one-year adjustable-rate mortgages was 0.6 of a point.

A twelvemonth ago, rates on 30-year mortgages stood at 6.21 percent, 15-year mortgage rates averaged 5.92 percent, five-year adjustable-rate mortgages were also at 5.92 percentage and one-year adjustable-rate mortgages were at 5.48 percent.