Mortgage Rates Dip
WASHINGTON (AP) _ Mortgage rates around the country dipped again this week with rates on 15-year mortgages hitting their lowest levels since 1991 and rates on one-year adjustable mortgages falling to a five-year low.
The average interest rate on 30-year fixed-rate mortgages fell to 6.64 percent, down from 6.72 percent last week, according to the nationwide survey released Thursday by Freddie Mac, the mortgage company.
It marked the eighth week in a row that 30-year mortgages have been under 7 percent. This week’s rate marked the lowest level for 30-year mortgages since they averaged 6.49 percent the week of Oct. 9, 1998.
Fifteen-year mortgages, a popular option for refinancing, slipped to 6.11 percent this week, compared with 6.23 percent the previous week, and was the lowest level since Freddie Mac began tracking the rates in 1991.
A year ago, rates for 30-year mortgages averaged 7.83 percent and rates for 15-year mortgages averaged 7.50 percent.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.34 percent, down from 5.45 percent the previous week. This week’s rate was the lowest since Feb. 16, 1996, when the rates on one-year ARMs averaged 5.19 percent. Last year at this time, ARMs stood at 7.21 percent.
These rates do not include add-on fees known as points, which averaged around 1 percent of the loan amount for all three types of mortgages.