Mortgage interest rates dropped last week for the first time since June. After steadily rising since late June, fixed 30 year mortgage interest rates fell to 5.79%, excluding fees, down from 5.91% the week before.
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The 30-year mortgage rate stood at 5.47% in the week ended June 24, its lowest level in 2005. Fixed 15 year mortgage interest rates last week averaged 5.40%, from 5.49% the week before. Interest rates on one year adjustable rate mortgages (ARMs) decreased to 4.85%, from 4.88%.
The 30 year mortgage rate, the industry’s benchmark, is still below the 2005 high of 6.08% reached at the end of March. However, in a break from recent trends, the interest rate stands higher than the year-earlier level. It was 5.75% in the week ended August 13, 2004.