30 Year Mortgage Rates Fall to five year low

Rates on San Diego Mortgages dropped to their lowest level in five month, Freddie Mac reported in it’s weekly survey.  Thirty-year, fixed rate mortgages fell to 6.25 perent from 6.33 percent last week.  The lowest level since the week of May 17th. 

Rates on 15-year, fixed rate mortgages fell to 5.91 percent from 5.99 percent.  Rates on five-year, adjustable-rate mortgage fell to 5.98 percent from 6.03 percent.  Rates on one-year ARM’s dropped to 5.57 percent from 5.66 percent.

Fannie Mac reported that these rates did not include add-on fees known as points.  30 year and 15 year, fixed rate mortgages carried a nationwide average fee of 0.4 point, as did the 5-year ARM.  The one-year ARM carried an average fee of 0.6 point.