Mortgage giant Freddie Mac reported a fall in the rate of interest for 30-year fixed-rate mortgage. According to the report, it dropped from previous week's 5.16 percent to 5.04 percent this week. A year ago at the same time, it was 6.04 percent.
The decline in mortgage rates is expected to provide potential home buyers and existing home owners more opportunity for refinance.
Decline is reported in other mortgage rates also. 15-year fixed-rate mortgage fell slightly from last week's 4.81 percent to 4.68 percent this week. While 5-year hybrid adjustable-rate mortgages are down from 5.23 percent to 5.04 percent, 1-year ARMs fell to 4.8 percent from 4.94 percent of the last week.