30-year fixed-rate mortgages drop to 6.14%
From the Associated Press
Mortgage giant Freddie Mac reported that 30-year, fixed-rate mortgages averaged 6.14% this week, down from 6.18% last week. Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, fell to 5.86%, down from 5.92% last week. Five-year adjustable-rate mortgages edged down to 5.9%, compared with 5.93% last week. One-year ARMs slipped to 5.47%, down from 5.49% last week.
These rates do not include add-on fees known as points. Thirty-year and 15-year fixed loans and five-year ARMS all carried a nationwide average fee of 0.5 of a point; one-year adjustable mortgages carried an average fee of 0.6 of a point.
