BUSINESS BRIEFING / MORTGAGES
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Average rates on 30-year fixed mortgages dropped to 5.01% this week, down from the previous record low of 5.1% set last week, mortgage company Freddie Mac said.
The average rate on a 15-year fixed-rate mortgage dropped to 4.62% from 4.83% last week, Freddie Mac said. Five-year adjustable-rate mortgages fell to 5.49% from 5.57%. One-year adjustable-rate mortgages rose to 4.95%, up from 4.85% last week.
The rates do not include add-on fees known as points. The nationwide fee for 30-year mortgages averaged 0.6 of a point for this week. Fees for 15-year mortgages and five-year adjustable-rate mortgages averaged 0.7 of a point, compared with 0.5 of a point for one-year adjustable-rate mortgages.
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