Mortgage rates down slightly

The average 30-year fixed-rate mortgage stood at 5.69 percent this week, down from last week, when it averaged 5.74 percent, according to Freddie Mac’s Primary Mortgage Market Survey.

“Treasury bond yields eased somewhat this week, causing long-term mortgage rates to drift a little lower from last week,” said Frank Nothaft, Freddie Mac chief economist. “Mortgage rates for one-year adjustable-rate mortgages, however, were almost unchanged, rising only one basis point in the same time frame.

“Lower mortgage rates, in turn, caused mortgage application activity to increase last week in both the refinance and home-purchase sectors. Meanwhile, housing starts took a breather in September, following the robust pace set in August.”

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