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Mortgage Rates Drop to Lowest in 7 Months

From Associated Press

Mortgage rates dropped this week to their lowest levels in seven months.

The average rate on benchmark 30-year mortgages fell to 5.58%, down from 5.66% last week, Freddie Mac said. For 15-year mortgages, rates declined to 4.87% this week from 4.96% last week. Rates for one-year adjustable mortgages dropped to 3.53%, compared with 3.57% last week.

Each loan type carried an average fee of 0.6 point this week.


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