Mortgage rates slid this week, stopping a six week climb; however, this drop was seen as a brief departure from an upward trend according to Freddie Mac. The average interest rate on a 30 year fixed mortgage dropped to 5.8 percent for the week, down from 5.89 percent the week before, according to the mortgage finance firm’s survey of lenders.
Last Summer at this time, the interest rate on the 30 year fixed mortgage was 5.81 percent. Mortgage rates can fluctuate depending on the market conditions and people’s expectations. That’s what happened this week, according to freddie mac. However, long term mortgage rates are at about the same level that they were at this time last Summer. So this isn’t surprising that the real-estate industry continues to thrive.
The 15 year mortgage rate dropped to 5.4 percent, from 5.47 percent a week ago. A summer ago, the mortgage was 5.19 percent. Five year adjustable rate mortgages dropped to 5.34 percent, down form 5.40 percent the previous week. One year adjusted rate mortgages average 4.58 percent, up from 4.57 percent the previous week. At this time last Summer, the one year adjustable rate loan averaged 4.01 percent.
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My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
