Mortgage rates slide lower
Jan 30th, 2009 by Vinny
NEW YORK (CNNMoney.com) — Mortgage rates fell over the past week, benefiting from the Federal Reserve’s pledge to take all necessary action to stimulate the economy.
The average 30-year fixed mortgage rate fell to 5.48% from 5.59% for the week ended Jan. 28, according Bankrate.com.
The average 15-year fixed rate mortgage slipped to 5.10% from 5.2% and the average jumbo 30-year fixed rate dropped to 7.06% from 7.22%.
Adjustable rate mortgages were lower also, with the average 1-year ARM pulling back to 5.87% and the 5/1 ARM sinking 42 percentage points to 5.41%.
