30-year mortgages dip
WASHINGTON (AP) — Rates on 30-year mortgages fell for a third straight week, dropping to the lowest level since mid-July.
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.35 percent this week, down from 6.40 percent, the previous week. It marked the third consecutive decline and left rates at the lowest level since July 17 when they stood at 6.26 percent.
The 30-year mortgage, which hit a high for this year at 6.63 percent on July 24, has been above 6 percent since late May as financial markets have become convinced that rising inflation pressures will keep the Federal Reserve from cutting interest rates further to bolster the weak economy.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, fell to 5.90 percent, down from 5.93 percent last week.
Rates on five-year, adjustable-rate mortgages averaged 5.97 percent this week, down from 6.03 percent last week.
One-year, adjustable-rate mortgages dropped to 5.15 percent, down from 5.33 percent last week.
The mortgage rates do not include add-on fees known as points.
