Average interest on long-term mortgages went down slightly this week, after rising in the four previous weeks. Freddie Mac reports that 30-year fixed mortgage rates averaged 5.09 percent, down from 5.14 percent a week ago, but higher than the 5.01 percent it reached this time last year.
Other mortgage rates performed as follows:
15-year, fixed loans fell 0.4 percent to 4.5 percent.
Five-year adjustable-rate mortgages stayed flat.
One-year ARMs declined 0.03 percent to 4.31 percent.
Source: Chicago Sun-Times, Francine Knowles (01/08/10)