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Mortgage rates drop to lowest level since July
From Times wire reports
Mortgage rates around the country dropped last week to their lowest levels in seven months, good news for home buyers and homeowners considering refinancing.
The average 30-year fixed mortgage rate fell to 5.58% last week, the lowest since 5.52% on July 11, and down from 5.66% the week before, according to Freddie Mac, the No. 2 purchaser of U.S. mortgages. A year ago, the average 30-year rate was 5.84%.
The average 15-year fixed mortgage rate declined to 4.87% from 4.96%.
The one-year adjustable mortgage rate slipped to 3.53% from 3.57% and was the lowest since the week ending July 4, said Freddie Mac.
The nationwide averages do not include add-on fees known as points. Each loan type carried an average fee of 0.6 point.
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