BUSINESS BRIEFING
The average rate for a 30-year fixed mortgage was 5.07% this week, down from 5.08% a week earlier, mortgage company Freddie Mac said.
The average rate on a 15-year fixed-rate mortgage fell to 4.5% from 4.54% last week. Five-year adjustable-rate mortgages averaged 4.51%, down from 4.59%. One-year adjustable-rate mortgages rose to 4.64% from 4.62%.
The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 of a point for 30-year and 15-year loans, 0.5 of a point for five-year loans and 0.6 of a point for one-year loans.
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