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30-Year Mortgages Fall to Lowest Rate

Borrowing costs on home loans dipped to a three-month low this week, providing much-needed relief to home buyers who are facing a tight lending climate.

Freddie Mac reported a drop in the 30-year fixed rate to 6.45 percent from 6.52 percent a week earlier, while interest on 15-year fixed loans slipped to 6.12 percent from 6.18 percent. Adjustable-rate mortgages, however, moved in the opposite direction.

The five-year ARM settled at 6.35 percent for the week, up a notch from 6.34 percent a week ago; and interest on one-year ARMs averaged 5.84 percent compared to 5.6 percent.

Hipotecas Prestamos August 31, 2007 06:05 PM

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