Mortgage Rates Drop to 5-Week Low

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Mortgage rates moved south this week, reaching their lowest point in five weeks, according to Freddie Mac’s nationwide survey.

The company reported a drop in the average interest on a 30-year fixed loan to 6.04 percent from 6.46 percent last week and a slide in the 15-year fixed rate to 5.72 percent from 6.14 percent.

Meanwhile, interest on adjustable-rate mortgages slipped to 6.06 percent from 6.14 percent for five-year ARMs but bumped up to 5.23 percent from 5.16 percent for one-year ARMs.

Source: San Diego Union-Tribune (10/24/08)

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