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Great news as Mortgage rates drop!

Real Estate Agent with Somerset International

The following good news is an excerpt from a CNN Money news release!

Mortgage rates dropped in the latest week, which could help home buyers who are looking to refinance, Freddie Mac reported Thursday.

The government-sponsored loan buyer said the average rate on a 30-year fixed-rate loan averaged 6.31 percent for the week ended Sept. 13, down from 6.46 percent last week.

Last year at this time, 30-year mortgage rates averaged 6.43 percent.

Freddie Mac said interest rates on prime conforming loans fell across the board in the past week, with rates on 30-year fixed mortgages averaging 0.15 percentage point below the previous week's level.

"The drop in mortgage rates may give some relief to borrowers who are looking to refinance or purchase a home," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. "As a matter of fact, all the mortgage products in Freddie Mac's survey this week were lower than they were at the same time last year."

In its latest report, Freddie Mac said rates on 15-year fixed-rate loans averaged 5.97 percent in the latest week, down from 6.15 percent last week. A year ago, the 15-year rate averaged 6.11 percent.

Five-year adjustable-rate mortgages (ARMs) averaged 6.17 percent this week, down from 6.32 percent last week.

A year ago, the 5-year ARM averaged 6.10 percent.

One-year ARMs averaged 5.66 percent this week, down from 5.67 percent last week. They were at 5.60 percent this time last year.