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South Florida

Mortgage rates retreat

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Mortgage giant Freddie Mac reported a mild drop in mortgage rates after they hit their highest level in seven months. The average rate for a 30-year mortgage hit 5.38 percent, slipping from 5.59 percent a week earlier. Rates have been rising on climbing 10-year Treasury bond yields, a sign investors are worried about inflation. However, in South Florida and elsewhere, low rates have been the spark for increased home sales. Mortgage applications on Wednesday fell for the first time in four weeks, slipping 2.5  percent for the week ending June 12. [Miami Herald] and [SFBJ]

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Freddie MacHome OwnershipMortgage RatesMortgages