Mortgage rates drop, reversing three weeks of increasing rates
Mortgage rates have declined this week, reversing three weeks of rising rates, according to a report from Bankrate.com.
Mortgage rates have declined this week, reversing three weeks of rising rates, according to a report from Bankrate.com.
The average 30-year-fixed-mortgage rate fell to 5.76% this week, from 5.95% last week, with an average of 0.43 discount and origination points, according to the national survey conducted by Bankrate.com, a unit of Bankrate Inc. of New York. The 30-year-fixed-rate mortgage had reached its highest rate since Nov. 26, 2008, the survey found.
The average 15-year fixed mortgage dropped to 5.19%, down from 5.37% last week, with an average of 0.37 discount and origination points, the report said.
Average adjustable-rate mortgages were mixed, the survey found. But the popular 5/1 adjustable-rate mortgage had an average rate of 5.37%, down from 5.49% last week, the survey found.
The average 30-year jumbo fixed rate rose to 6.97%, from 6.96%.
The survey included data from the top 10 banks and thrift institutions in 10 markets.
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