Mortgage Rates Declined in Week

Mortgage rates headed lower over the past week -- reversing a three-week climb upward -- as the Federal Reserve indicated a steadfast position on its rate target and inflation concerns eased.

Freddie Mac(FRE Quote) reported that long-term and short-term mortgages all declined, whether rates were fixed or adjustable.

Freddie's 30-year fixed-rate mortgages averaged 6.35%, with an upfront payment of six-tenths of a point. The rate is down from 6.45% a week ago and 6.63% a week earlier.

Shorter-term mortgage rates posted an even greater decline, with the 15-year FRM averaging 5.92% with the same upfront payment, down from last week when it averaged 6.04%. A year ago those loans averaged 6.30%. ...