Mortgage rates edged down this week, good news for people looking to buy a slice of the American dream – their own home.

The mortgage company Freddie Mac, in its weekly survey, reported that rates on 30-year, fixed-rate mortgages dipped to 6.22 percent for the week ending Thursday. That was down from last week’s average rate of 6.26 percent and was the lowest since late October.

Rates on 30-year mortgages had climbed to a two-year high of 6.37 for the week ending Nov. 17 but since have moderated.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, averaged 5.76 percent, also the lowest since late October. Rates last week on 15-year mortgages averaged 5.79 percent.

One-year adjustable rate mortgages dropped to 5.15 percent this week, compared with 5.22 percent in the previous week. Rates on five-year hybrid adjustable rate mortgages averaged 5.79 percent, down from 5.82 percent last week.

This entry was posted on Friday, December 30th, 2005 at 6:52 am and is filed under Advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.