Freddie Mac: 30-year and 15-year mortgage rate fall

According to a survey by Freddie Mac the US 30-year and 15-year mortgage rates fell in the last week the home funding company released the survey results on Thursday 9.

US 30-year mortgage rates dropped an average of 0.16 percent to 5.94 percent from 6.10 percent last week, while 15-year mortgages dipped an average of 0.15 percent to 5.63 percent from 5.78 percent.

If we look back to a year ago, a 30-year mortgage was at an average rate of 6.40 percent with the 15-year being an average of 6.06 and the One-year ARM was at 5.73 percent them. The 5/1 ARM having an average of 6.12 percent.

This week, the One year adjustable rate mortgages (ARMs) rose from 5.12 percent to an average of 5.15 percent. The “5/1″ ARM, set at a fixed rate for five years and adjustable each following year, fell to an average of 5.90 percent from 6.00 percent a week earlier according to Freddie Mac.

Source: reuters