30-year rate dips to lowest level in six months

Rates on 30-year mortgages dipped this week to the lowest level in more than six months. After hitting a four-year high of 6.80 percent July 20, rates on 30-year mortgages have been falling as financial markets became more convinced that a slowing economy will help keep inflation contained.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 5.98 percent, down from 6.06 percent last week.

For one-year adjustable mortgages, rates dipped to 5.47 percent, down from 5.54 percent.

Rates on five-year adjustable-rate mortgages fell to 6.00 percent, down from 6.08 percent.

A year ago, 30-year mortgages averaged 5.91 percent, 15-year mortgages stood at 5.48 percent, one-year ARMs were at 4.68 percent and five-year ARMs averaged 5.44 percent.

Source: Baltimore Sun

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