NEW YORK, Oct. 5 (UPI) -- U.S. mortgage rates last week were mixed, with fixed rates rising while adjustable rates pulled back.
The average 30-year fixed mortgage rate ticked higher to 6.31 percent, but remains at levels not seen since March, Bankrate.com said Thursday.
The average 15-year fixed rate mortgage popular for refinancing returned to the 6 percent mark, up from 5.96 percent last week.
"News of slower economic growth, falling oil prices, and a belief that the Fed will ultimately cut interest rates has resulted in lower government bond yields and fixed mortgage rates," Bankrate.com said. "Fixed mortgage rates are closely related to yields on long-term government bonds. The September employment report to be released (Friday) is a likely catalyst for additional volatility in bond yields and mortgage rates."
Freddie Mac's top economist said mortgage rates fell to a six-month low this past week.
"Not surprisingly, home refinancing rose 18 percent last week, accounting for almost half of all mortgage applications," said Frank Nothaft.
