30-Year Mortgage Rates Fall to 5.80% This Week
Average rates on 30-year, fixed-rate mortgages fell to 5.80%, down from last week’s 5.89%, which had been the highest level in four months, mortgage company Freddie Mac reported.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, averaged 5.40%, down from 5.47% last week.
Bucking the downward trend, rates on one-year adjustable-rate mortgages edged up to 4.58% from 4.57% last week. Rates on five-year hybrid adjustable-rate mortgages averaged 5.34%, down from 5.40%.
The nationwide averages for mortgage rates do not include add-on fees known as points. Both the 30-year and 15-year mortgages carried an average fee of 0.5 point this week. Five-year mortgages carried an average fee of 0.6 point while one-year ARMS had a fee of 0.7 point.