BUSINESS BRIEFING / REAL ESTATE
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The average rate for 30-year fixed mortgages was 5.14% this week, down from 5.2% last week, mortgage company Freddie Mac said.
The average rate on a 15-year fixed-rate mortgage fell to 4.63%, down from 4.69%. Five-year adjustable-rate mortgages were 4.83%, up just a bit from 4.82% a week earlier. One-year adjustable-rate mortgages fell to 4.76% from 4.82%.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point for 30-year and 15-year fixed-rate mortgages and five-year adjustable-rate mortgages. The fee for one-year adjustable-rate mortgages was 0.5 point.
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