honoluluadvertiser.com

Sponsored by:

Comment, blog & share photos

Log in | Become a member
The Honolulu Advertiser
Posted on: Friday, March 28, 2008

30-year rate falls slightly

By MARTIN CRUTSINGER
Associated Press

WASHINGTON — Rates on 30-year mortgages edged down slightly this week, staying below 6 percent, although rates on other types of mortgages rose.

Freddie Mac, the mortgage company, reported yesterday that 30-year fixed-rate mortgages averaged 5.85 percent this week. That was down slightly from 5.87 percent last week and marked the second consecutive week that rates have been below 6 percent.

Outside of 30-year mortgages, rates on other mortgage categories posted slight increases.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, rose to 5.34 percent this week, up from 5.27 percent last week.

For five-year adjustable-rate mortgages, rates rose to 5.67 percent, up from 5.56 percent last week. Rates on one-year adjustable-rate mortgages increased to 5.24 percent, up from 5.15 percent last week.

The mortgage rates do not include add-on fees known as points. For 30-year and 15-year mortgages, the nationwide average fee was 0.4 point. Five-year mortgages carried a 0.6 point average fee while one-year mortgages averaged a 0.5 point fee.