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To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage was unchanged at 0.7 point. The fee for a 15-year loan also held steady at 0.7 point.
The average rate on a one-year adjustable-rate mortgage declined to 2.62 percent from 2.64 percent. The fee slipped to 0.3 point from 0.4 point.
The average rate on a five-year adjustable mortgage edged up to 3.19 percent from 3.18 percent. The fee declined to 0.5 point from 0.6.
[Associated
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