Long-term mortgage rates fall slightly

Long-term mortgage rates fell slightly over the last week while shorter term rates moved upward, mortgage giant Freddie Mac reported today.

The rate for a 30-year fixed-rate mortgage averaged 6.45 percent for the week ending today, down from the previous week when it averaged 6.52 percent; a year ago, the rate averaged 6.44 percent, Freddie Mac said.

One-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.84 percent over the last week, up from the previous week when it averaged 5.6 percent, Freddie Mac said.

Referring to adjustable-rate mortgages as ARMs, Freddie Mac chief economist Frank Nothaft said in a statement. "The increase in ARM rates is consistent with movement on the yields on short-term Treasury securities, which have exhibited higher volatility recently due to market uncertainties."
(By Chris Reidy, Globe staff)