BUSINESS BRIEFING / THE ECONOMY
Times Wire Reports
Average rates on 30-year fixed mortgages fell to 4.8% from 4.82% last week, mortgage company Freddie Mac said.
The average rate on a 15-year fixed-rate mortgage was 4.48%, unchanged from last week. Rates on five-year adjustable-rate mortgages fell to 4.85% from 4.88%. Average rates on one-year adjustable-rate mortgages fell to 4.82% from 4.91%.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 of a point last week for 30-year and 15-year fixed-rate mortgages. Fees averaged 0.6 of a point for five-year adjustable-rate mortgages, and one-year adjustable mortgages had an average fee of 0.4 of a point.