Rates on 30-year mortgages drop slightly

WASHINGTON — Rates on 30-year mortgages, after rising for the first time in five weeks, edged down slightly this week.

Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages dipped to 6.36 percent. That compared to 6.37 percent last week when rates had risen after having fallen to a seven-month low of 6.24 percent.

All categories of mortgages showed little change this week, a fact that analysts attributed to financial markets preferring to wait and see what the Federal Reserve will do at its meeting next week.

“General consensus leans heavily toward the notion that the Fed will not raise rates at that meeting, taking upward pressure off mortgage rates this week,” said Frank Nothaft, chief economist at Freddie Mac.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 6.06 percent this week, the same as last week.

Rates on one-year adjustable rate mortgages edged up slightly to 6.11 percent, compared to 6.10 percent last week.

Rates on five-year adjustable rate mortgages rose to 5.57 percent, up from last week’s 5.56 percent.