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Mortgage rates drop
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WASHINGTON — Rates on 30-year mortgages sank this week to their lowest point since late May, providing a little ray of sunlight for would-be home buyers. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52%. That was down from 6.62% last week and was the lowest rate since the week ending May 31, when rates stood at 6.42%. The moderation provides a dose of welcome news for prospective home buyers, some of whom also may be facing a situation of harder-to-get credit. In mid-June, rates on 30-year mortgages climbed to 6.74%, the high for this year. Other mortgage rates also went down. Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 6.18%, down from 6.30% last week. For five-year adjustable-rate mortgages, rates dipped to 6.34%, from 6.35% last week. Rates on one-year adjustable-rate mortgages fell to 5.60%, compared with 5.67% last week. Mortgage rates eased following last week's decision by the Federal Reserve to slice its lending rate to banks, a move designed to calm recent turmoil on Wall Street about a spreading credit crunch. Click Here To View the Full Article |