30 Mortgage Rates Dip to 5.69%

Good day,

Long-term mortgage rates remain in a downward pattern, registering the third consecutive week of decline.

According to Freddie Mac’s numbers, average interest on 30-year fixed loans settled the week at 5.69 percent—the lowest level since July 2005. Other rate declines include:

• 15-year fixed mortgages slipped to 5.21 percent from 5.43 percent a week ago.
• 5-year adjustable-rate average retreated to 5.4 percent from 5.63 percent.
• 1-year ARMs fell to 5.26 percent from 5.37 percent..

Observers generally agree that borrowing costs will remain at or near 6 percent for 2008 unless a U.S. recession surfaces—in which case they expect rates to decline further.