For the first time since the week of Feburary 14 mortgage rates dropped to below 6%.
According to Freddie Mac, rates averaged 5.87% for 30 year loans, down from 6.13% last week.
Other mortgages also fell this week:
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 5.27%, down from 5.60%.
For five-year, adjustable-rate mortgages, rates dipped to 5.56%, compared with 5.58%.
Rates on one-year, adjustable-rate mortgages were the only category to show an increase, edging up to 5.15%, compared with 5.14%.
