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The average 15-year fixed rate mortgage dropped to 5.16 percent, while the average jumbo 30-year fixed rate slumped to 7.14 percent. Adjustable rate mortgages moved lower as well, with the average 1-year ARM dipping to 5.97 percent and the average 5/1 ARM pulling back to 5.86 percent.
The average rate on a 30-year fixed rate mortgage has fallen more than one
full percentage point, from 6.77 percent to 5.80 percent, since
The sharp decline in mortgage rates since
SURVEY RESULTS 30-year fixed: 5.64% -- down from 5.84% last week (avg. points: 0.39) 15-year fixed: 5.16% -- down from 5.46% last week (avg. points: 0.39) 5/1 ARM: 5.86% -- down from 5.95% last week (avg. points: 0.41)
Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates
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SOURCE Bankrate, Inc.