Rates on 30 and 15 Year Mortgages Fall

Rates on 30-year fixed-rate mortgages declined to a nationwide average of 6.72%, down from 6.8% last week, mortgage company Freddie Mac said, according to the Los Angeles Times.

Rates on the popular choice for refinancing,15-year fixed-rate mortgages, were down to 6.34% from 6.41% last week. Rates on one-year adjustable-rate mortgages dropped to 5.78% from 5.8% last week. And rates on five-year adjustable-rate mortgages fell to 6.35% from 6.36% last week.

These rates do not include add-on fees known as points. The 5-year and 15-year mortgages carried a nationwide average fee of 0.4 point. The 30-year mortgage had a nationwide average fee of 0.3 point and the one-year mortgage carried a fee of 0.7 point.

Nice to see those rates fall especially when living costs such as gas prices are soaring.

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