BUSINESS BRIEFING / THE ECONOMY
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The average rate for a 30-year fixed mortgage was 5.38% this week, down from 5.59% last week, mortgage company Freddie Mac said.
The average rate on a 15-year fixed-rate mortgage fell to 4.89%, down from 5.06% last week. Five-year adjustable-rate mortgages averaged 4.97%, down from 5.17%. One-year adjustable-rate mortgages fell to 4.95% from 5.04%.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 of a point last week for 30-year and 15-year mortgages. Fees averaged 0.6 of a point for five-year and one-year adjustable rate loans.
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