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BUSINESS BRIEFING

Mortgage rates decline

November 21, 2008|Times Wire Services

Rates on 30-year fixed-rate mortgages averaged 6.04% this week, down from 6.14% last week, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages dropped to 5.73% from 5.81% last week, while five-year adjustable-rate mortgages fell to 5.87% from 5.98%. One-year adjustable-rate mortgages edged down to 5.29% from 5.33%.

The rates do not include add-on fees known as points. The nationwide fee for 30-year and 15-year mortgages averaged 0.7 of a point last week. The fee on five-year adjustable-rate mortgages averaged 0.6 of a point, and the fee on one-year adjustable-rate mortgages averaged 0.5 of a point.

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