Mortgage Rates Fall to 5%

Published by peter | Filed under Market Trends

Thirty-year fixed mortgage rates dropped again last week, with the weekly average rate borrowers were quoted at 5.00%. For 15-year mortgages, it was 4.63% and for 5-1 ARMS, 4.21%.

Rates have remained relatively low in recent weeks and some individual rates have come in below 5.00%, but this past week marks the first time the weekly average national rate has been at or below 5.00% since January 20, 2009. As of Tuesday afternoon the national rate for 30-year fixed purchase mortgages was even lower: 4.96%. Check out up-to-the-minute rate tables for more.