After six weeks of rate hikes increases, mortgage interest rates took a drop because fuel prices shot up. The benchmark 30 year fixed rate mortgage fell 8 basis points to 5.88 percent, according to one survey of national lenders. A basis point is equal to one hundredth of 1 percentage point. The mortgages in this survey had an average of 0.37 point discount and origination points. Last summer,the mortgage index was 5.82 percent.
The 15 year fixed mortgage fell just 6 basis points to 5.5 percent. The 5/1 adjustable mortgage fell 6 basis points to 5.56 percent.