30-year mortgage rate below 6%
- October 10, 2008
Rates on 30-year mortgages fell below 6 percent this week, the first decline in three weeks.
Freddie Mac, the mortgage company, reported that 30-year fixed-rate mortgages averaged 5.94 percent this week, down from 6.10 percent last week.
Mortgage rates have been on a roller coaster, hitting a high for the year of 6.63 percent in late July and then dropping below 6 percent in mid-September.
Rates on 15-year fixed-rate mortgages dropped to 5.63 percent, compared to 5.78 percent last week.
Rates on five-year adjustable-rate mortgages fell to 5.90 percent from 6.00 percent last week.
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