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Mortgage rates dip, still above record lows PDF Print E-mail
Written by Associated Press   

Despite government efforts to prop up the mortgage market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down payment.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

The average rate on a 15-year fixed-rate mortgage fell to 4.54 percent, from 4.58 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.59 percent, down from 4.67 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.62 percent from 4.69 percent.

The rates do not include add-on fees known as points. The nationwide fee for all loans in Freddie Mac’s survey averaged 0.7 point for 30-year loans and 0.6 point for 15-year, five-year and one-year loans.   Associated Press
 

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