Mortgage Rate Looking Good – Below 6% Now
WASHINGTON (Associated Press)
Rising worries about a weak economy pushed rates on 30-year mortgages below the 6 percent mark for only the second time in more than two years.
Freddie Mac reported this week that 30-year, fixed-rate mortgages averaged 5.87 percent this week, down from 6.07 percent last week.
The following types of mortgages also showed declines this week:
* Rates on 15-year mortgages dropped to 5.43 percent, down from 5.68 percent last week.
* Rates on five-year adjustable-rate mortgages (ARMs) declined to 5.63 percent, compared with 5.78 percent last week.
* Rates on one-year ARMs fell to 5.37 percent, down from 5.47 percent last week.