Rates on 30 Year Mortgages Drop

Rates on 30-year fixed-rate mortgages dropped sharply this week, falling to the lowest level in five weeks, Freddie Mac reported in its nationwide survey. The rates fell to 6.04 percent, down from 6.46 percent last week.

Rates on 15-year fixed-rate mortgages fell to 5.72 percent from 6.14 percent. Rates on five-year adjustable-rate mortgages fell to 6.06 percent from 6.14 percent last week. However, rates on one-year adjustable-rate mortgages rose to 5.23 percent from 5.16 percent last week.
Rates don't include add-on fees known as points. The nationwide fee for 30-year, 15-year and five-year mortgages was 0.6 point. For one-year mortgages, the fee was 0.5 point.