Apr. 20, 2007 - Mortgage rates drop

Rates are down from an average of 6.22% to 6.17%

Depending upon your source, it was reported for the first time in five or six weeks mortgage rates on 30-year mortgages edged down.  In its weekly survey, mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.17% this week.  That was down from 6.22% last week and marked the first decline in the 30-year rate since it dropped in early March to 6.14%, the lowest level for this year.

The government reported earlier this week that construction of new homes and apartments rose for a second straight month in March, although some analysts cautioned against reading too much into the rebound, given that much of the strength came from warmer-than-normal weather.

Rates on 15-year fixed-rate mortgages dipped to 5.89%, down from 5.90% last week.  The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages both carried a nationwide average fee of 0.5 point.

A year ago, rates on 30-year mortgages stood at 6.53% while 15-year mortgages were at 6.17%. Five-year adjustable-rate mortgages averaged 6.16% and one-year adjustable-rate mortgages were at 5.63%.