30-year fixed-rate mortgage averages drop


Thirty year fixed-rate mortgage rates dropped from an average of 6.01 percent to 5.96 percent for the first week of December giving some buyers and those shopping for a refinance an early Christmas present.  This is their lowest rate since the week of September 29, 2005 when they averaged 5.91 percent according to Freddie Mac.

Rates on 15-year fixed-rate mortgages slid to 5.65 percent from 5.73 percent.  For five-year adjustable-rate mortgages the rates fell to 5.75 percent from 5.86 percent.   While rates on one-year adjustable rate mortgages edged up to 5.46 percent from 5.43 percent last week. 

Mortgage rates quoted by Freddie Mac do not include add-on fees known as points.  Thirty-year mortgage rates carried a nationwide average fee of 0.4 percent while 15-year and five-year mortgages both had an average fee of 0.5 points.  The one-year ARM carried an average fee of 0.6 point.