Home Mortgage Rates Stay Low

[jeffrey]

Mortgage rates dropped to their lowest level since April with the average fixed-rate mortgages dropping to an average of 5.64% for the week ending Oct. 28 according to the weekly Freddie Mac survey. 15-year fixed-rate mortgages also declined reaching an average of 5.01%. The nationwide mortgage rate averages don't include points (fees that are added on to get the mortgage) with both the 30-year and 15-year mortgages averaging a 0.7 point fee.

15-year fixed rate mortgages tend to be popular with those refinancing their home mortgage to save money and with rates still low, it likely makes financial sense to refinance if you haven't done so in the past couple of years.