Nationwide average mortgage rates posted a significant drop this past week according to a report by The Federal Home Loan Mortgage Corporation (Freddie Mac). 30-year fixed rate mortgages were quoted in Freddie's weekly Primary Mortgage Market Survey as averaging 6.28%. That is down from 6.34% in the previous week's survey. Freddie publishes their survey weekly for a variety of mortgage types.15-year fixed rate mortgages averaged 6.02%, which is also down from 6.06% the previous week.
Meanwhile, five-year adjustable rate mortgages came in at a rate of 5.99%. The five-year had broken above the 6% barrier a week earlier with an average of 6.04%.
One-year adjustable rate mortgages were quoted an average of 5.49%, which is significantly lower than the 5.54% rate of a week earlier.
Here are the current average mortgage rates nationwide as provided by the Federal Home Loan Mortgage Corporation (Freddie Mac):
| Rates This Week | Last Week's Rate | |
| 30-year Fixed | 6.28% | 6.34% |
| 15-year Fixed | 6.02% | 6.06% |
| 5-year ARM | 5.99% | 6.04% |
| 1-year ARM | 5.49% | 5.54% |
Bob Roscoe, Mortgage Marketing Associates, Minneapolis, Minnesota
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