Rates on 30-year mortgages inched downward this week, remaining below 5 percent for the tenth-consecutive week and just above record lows.
Mortgage finance giant Freddie Mac said today that average rates on 30-year fixed-rate mortgages dipped slighly to 4.82 percent this week, down from an average of 4.86 percent last week.
The all-time low of 4.78 percent was recorded on the weeks of April 2 and April 30. Freddie Mac’s survey dates back to 1971.
The average rate on a 15-year fixed-rate mortgage fell to 4.5 percent this week from 4.52 percent last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages dropped to 4.79 percent from 4.82 percent last week. Rates on one-year, adjustable-rate mortgages rose to 4.82 percent up from 4.71 percent.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for 30-year and 15-year mortgages and averaged 0.6 point for five year and one-year adjustable rate loans. (AP)
