Mortgage rates slide in week

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WASHINGTON, April 18 (UPI) -- U.S. mortgage rates slipped for the third consecutive week, the Federal Home Loan Mortgage Corp. said Thursday.

Rates for 30-year, fixed-rate mortgages slid from 3.43 percent with an average 0.8 point to 3.41 percent with an average of 0.7 point, Freddie Mac said.

Rates for 15-year contracts dropped from 2.65 percent to 2.64 percent with an average 0.7 point.

One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan's long-term interest rates.

Interest rates for five-year adjustable rate mortgages fell to 2.60 percent with an average of 0.5 points from 2.62 percent.

One-year adjustable rate mortgages using 10-year bonds as a benchmark averaged 2.63 percent with 0.4 point in the week, up from 2.62 percent in the previous week.

"Mortgage rates nudged lower this week as consumer spending showed signs of weakness. Retail sales contracted for the second time in three months, falling 0.4 percent in March. In addition, the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3, its lowest level since July," said Freddie Mac Vice President and Chief Economist Frank Nothaft in a statement.