30 yr Mortgage Rates fall for first time in 6 weeks

Rates on 30-year mortgages decreased for the first time in 6 weeks as investors saw evidence inflation is not getting out of hand.

Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.17 percent last week down from 6.22 percent two weeks ago and marked the first decline in the 30-year rate since it dropped in early March to 6.14 percent, the lowest level for this year.

Analysts attributed last week’s slight decline to the latest reports on inflation, which showed few price pressures outside of energy.

Other mortgage rates also fell last week. Rates on 15-year fixed-rate mortgages, dipped to 5.89 percent, down from 5.9 percent the week before.

Five-year ARMs averaged 5.92 percent, compared with 5.93 percent two weeks ago. One-year adjustable mortgages decreased to 5.45 percent from 5.47 percent two weeks ago.