30-year fixed holds below 6% for fifth consecutive week
Mortgage rates sank this week in response to a sharp drop in consumer confidence for August, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.
In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.77 percent, with an average 0.8 points, for the week ended today, down from last week when it averaged 5.82 percent.
The average for the 15-year fixed-rate mortgage this week is 5.15 percent, with an average 0.7 points, also down from last week when it averaged 5.21 percent.
One-year Treasury-indexed adjustable-rate mortgages averaged 3.97 percent this week, with an average 0.8 point, down more from last week when it averaged 4.05 percent.