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Rates on 30-year mortgages edge down for second week

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WASHINGTON (AP) — Rates on 30-year mortgages edged down for a second week as financial markets interpreted weakness in consumer confidence and home sales as evidence that the economy is still mired in a period of lackluster growth.

In its weekly survey, mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.16 percent nationwide this week, down slightly from 6.17 percent last week.

The decline put the 30-year rate very close to its low of the year of 6.14 percent in early March.

Analysts attributed the slight decline to reports showing that consumer confidence dropped in April to the lowest level in eight months while sales of existing homes fell by the largest amount in 18 years.

Other mortgage rates also fell this week, Freddie Mac said in its nationwide survey.

Rates on 15-year fixed-rate mortgages dipped to 5.87 percent, down from 5.89 percent last week.

Five-year adjustable-rate mortgages averaged 5.88 percent, compared with 5.92 percent last week. One-year adjustable-rate mortgages edged down to 5.43 percent from 5.45 percent last week.