30-Year Mortgage Rates Drop
After four weeks in an upward trajectory, Freddie Mac reports that long-term mortgage rates are falling again.
The average interest on a 30-year fixed loan settled at 5.98 percent this week, down 0.03 percent from the prior week. Rates on 15-year fixed mortgages, meanwhile, slipped 0.5 percent for the week to an average of 5.55 percent.
Borrowing costs drifted slightly higher, however, on adjustable-rate products.
Five-year ARMs bumped up 0.04 percent to 5.61 percent, while one-year ARMs moved up 0.06 percent to 5.24 percent.
Source: Chicago Sun-Times (05/23/08)
