Mortgage rates made a significant drop this past week according to a report from the Federal Home Loan Mortgage Corporation (Freddie Mac). Freddie reported that nationwide average 30-year fixed rate mortgages dropped from 6.22% in its previous report to 6.17% in its latest report period. The report was issued today.15-year fixed rate mortgages also fell slightly from 5.90% last week to 5.89% this week. 5-year adjustable rate mortgages fell to 5.92%, which is down slightly from 5.93% the previous week.
1-year adjustable rate mortgages dropped to 5.45%, compared to 5.47% the week before.
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 | 6.17% | 6.22% | |
| 15-year Fixed | 5.89% | 5.90% | |
| 5-year ARM | 5.92% | 5.93% | |
| 1-year ARM | 5.45% | 5.47% |
Bob Roscoe, Mortgage Marketing Associates, Minneapolis, Minnesota
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