Rates Drop Slightly on 30-Year Mortgages

Baltimore Sun (08/01/08)
Freddie Mac reports a decline in the 30-year fixed mortgage rate to 6.52 percent during the week ended July 31 from 6.63 percent the prior week, while the 15-year fixed mortgage rate dropped to 6.07 percent from 6.18 percent over the same time span. Additionally, the five-year adjustable mortgage rate slipped to 6.07 percent from 6.16 percent, and the one-year ARM fell to 5.27 percent from 5.49 percent. Analysts attribute the decrease in mortgage rates to the housing bill that recently was signed into law.