Mortgage rates dip again
WASHINGTON - Rates for 30-year and 15-year mortgages dipped this week, while rates for one-year adjustable mortgages were unchanged.
The average interest rate on 30-year fixed-rate mortgages edged down to 7.06 percent, from 7.14 percent last week, according to a nationwide survey released Thursday by Freddie Mac, the mortgage company.
Fifteen-year mortgages, a popular option for refinancing, slipped to 6.55 percent this week from 6.62 percent the week before.
A year ago, rates for 30-year mortgages averaged 6.89 percent, and rates for 15-year mortgages averaged 6.49 percent.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.26 percent. Last year at this time, ARMs stood at 6.65 percent.
As part of the $1.35 trillion tax cut President Bush signed in June, taxpayers saving for retirement stand to benefit from two changes: