Mortgage interest rates dropped again this week on positive news regarding inflation and the housing market.
This interest rate for a 30 year fixed mortgage this week fell to 6.22% according to a survey of national mortgage lenders. This time last year a 30 year fixed rate mortgage averaged 5.81%.
Mortgage interest rates for 15 year fixed mortgages dropped to 5.76%. This is down from 5.79% the week before; this 15 year fixed mortgage was 5.23% this time last year.
Adjustable interest rate mortgages (ARM) with a five year term are running 5.79% this week; this is down from 5.82% last week. As for one year ARMs they are currently at 5.15%; last week one year ARMs were 5.22%. This time last year a one year adjustable interest rate mortgage was 4.19%.
According to one national lender the drop in interest rates is attributed to reduced inflationary pressure coupled with a slowdown in the housing market attributed to holidays.
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