After a several week surge upwards, mortgage rates finally took a breather this week as the average 30 year fixed mortgage dropped to 5.38% down from 5.59% according to Freddie Mac.  Some 30 year fixed rates were being quoted as high as 6% a couple of weeks ago, whereas a couple of months ago those same home loans were going for near 4.5%.

15 year fixed mortgage rates dropped to 4.89%, and five year adjustable rate mortgages dropped to 4.97%.  All good signs for the housing market and the economy overall!

Mortgage rates have been volatile, and it’s highly important if you’re shopping for a mortgage that you compare home loan quotes online early and often to make sure you get the best rate for your situation!

Tags: 15 year fixed, 30 year fixed, 5 year adjustable, mortgage rates drop

This entry was posted on Friday, June 19th, 2009 at 7:47 am and is filed under Home Loan & Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.