Mortgage rates inch downward
From Times Wire Services
Rates on 30-year, fixed-rate mortgages averaged 6.68% this week, down slightly from 6.69% last week and the lowest since early July when rates stood at 6.63%, mortgage company Freddie Mac said.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, dropped to 6.32% from 6.37% last week. For five-year adjustable-rate mortgages, rates dipped to 6.29% from 6.30%. Rates on one-year adjustable-rate mortgages sank to 5.59% compared with 5.69%.
The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried a nationwide average fee of 0.3 point. Five-year and one-year ARMs each carried an average fee of 0.5 point.
