Freddie Mac says the 30-year fixed mortgage rate slipped to 6.59 percent this week, down nine basis points from a week ago. The 15-year fixed mortgage rate also declined, dropping to 6.25 percent from 6.32 percent.
However, lenders are boosting interest rates on some mortgages because they are becoming more difficult to sell to investors. As a result, the one-year adjustable mortgage rate edged up to 5.65 percent, and the five-year hybrid ARM rose to 6.33 percent — a gain of six basis points and four basis points, respectively.
Source: Investor's Business Daily (08/10/07)