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IN BRIEF / THE ECONOMY

Mortgage Rates Drop Again This Week

October 03, 2003|From Associated Press

Rates on benchmark 30-year mortgages dropped for the fourth week in a row, good news for people thinking about refinancing their home mortgage.

The average rate on 30-year mortgages dipped to 5.77%, down from last week's rate of 5.98%, Freddie Mac, the mortgage giant, reported in its weekly nationwide survey of mortgage rates.

For 15-year fixed-rate mortgages, a popular option for refinancing, rates dipped to 5.1% this week from 5.3% the previous week.

Rates for one-year adjustable mortgages edged down to 3.72% from 3.77%.

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