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Mortgage Rates Dip as U.S. Growth Slows

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Freddie Mac released its weekly update on national mortgage rates this morning.

Thirty-year fixed-rate mortgages (FRM) retraced last week's rise in this latest report, dropping three basis points to land right back where they were two weeks ago -- at 3.54%. Shorter-term 15-year FRMs also declined a bit, down two basis points to 2.74%. Similarly, 5/1 ARMs fell three basis points to 2.65%.

The notable deviant this week was one-year ARMs, which bucked the trend by rising a single basis points to 2.63%.

Commenting on the numbers, Frank Nothaft, Freddie Mac's vice president and chief economist, attributed the overall decline in mortgage rates to a slowdown in manufacturing growth: "Regionally, both the Chicago and Milwaukee purchasing manager reports for March fell below the market consensus forecast. On a national scale, both the ISM manufacturing and non-manufacturing indexes also showed reductions in growth."


 

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Rich Smith
TMFDitty

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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