Mortgage Rates Tumble For 6th Week!!!

By Holden Lewis-Bankrate.com

Mortgage rates fell for the sixth week in a row, to a level last seen in the spring.

The benchmark 30-year fixed-rate mortgage fell 3 basis points to 5.22 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.34 discount and origination points. One year ago, the mortgage index was 6.2 percent; four weeks ago, it was 5.4 percent.

The benchmark 15-year fixed-rate mortgage fell 4 basis points to 4.6 percent. The benchmark 5/1 adjustable-rate mortgage fell 3 basis points to 4.66 percent.

The 30-year fixed has been below 6 percent all year in Bankate's weekly survey. It rose as high as 5.95 percent in early June, not long after hovering at 5.2 percent or lower for four weeks in a row in March and April. There was a minor refinancing boomlet back then, and another one now.

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