Mortgage rates fall modestly
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From Times Wire Services
Rates on 30-year fixed-rate mortgages averaged 6.03% this week, down from 6.24% last week, mortgage company Freddie Mac said.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, dropped to 5.47% from 5.72% last week. Five-year adjustable-rate mortgages declined to 5.34% from 5.43%, and one-year adjustable-rate mortgages averaged 4.94%, down from 5.11%.
The rates do not include add-on fees known as points. Each mortgage type carried an average fee of 0.5 point.
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