Mortgage Rates Drop This Week

Interest on 30-year fixed mortgages, 15-year fixed loans, five-year adjustable-rate mortgages, and one-year ARMs all fell this week, according to Freddie Mac.

• The average on 30-year financing slipped to 5.2 percent from 5.32 percent a week ago.
• The 15-year mortgage declined to 4.69 percent, down from 4.77 percent.
• Five-year ARMs were down to 4.82 percent from 4.88 percent.
• One-year ARMs fell to 4.82 percent from 4.94 percent.

Source: Los Angeles Times (07/10/09)