30-Year Mortgage Rates Fall to 5.99%

U.S. mortgage rates fell this week after reports of a cooling economy eased borrowing costs, Freddie Mac said.

The average fixed rate on the benchmark 30-year mortgage dropped to 5.99% from 6.08% last week. The one-year adjustable rate fell to 4.08% from 4.17%, and the 15-year fixed rate was 5.40%, compared with 5.49%.

The 30-year mortgage rate has fallen from an eight-month high of 6.34% reached in the second week of May, and is down from 6.14% at this time last year.