30-year mortgage rates dip; others up

WASHINGTON – Rates on 30-year mortgages edged down slightly this week, staying below 6 percent, although rates on other types of mortgages rose.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.85 percent this week. That was down slightly from 5.87 percent last week and marked the second consecutive week that rates have been below 6 percent.

Rates on 30-year mortgages dropped below 6 percent in the second week of January and stayed there for six straight weeks as the sharp economic slowdown stirred concerns about a possible recession.

But then rates began rising as bond investors became worried about increased inflation, hitting a high for this year of 6.24 percent the week of Feb. 28.

Outside of 30-year mortgages, rates on other mortgage categories posted slight increases.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, rose to 5.34 percent this week, up from 5.27 percent last week.

For five-year, adjustable-rate mortgages, rates rose to 5.67 percent, up from 5.56 percent last week.

Rates on one-year, adjustable-rate mortgages increased to 5.24 percent, up from 5.15 percent last week.

The mortgage rates do not include add-on fees known as points.