Mortgage Rates Drop to Lowest in 7 Months
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.