Mortgage Rates Dip to Lowest Level Since June

The average rate on 30-year, fixed-rate mortgages hit its lowest level since June, dipping to 5.38% this week from 5.41% last week, Freddie Mac reported.

For 15-year, fixed-rate mortgages, a popular option for refinancing, rates were unchanged at 4.69%.

Rates for one-year adjustable mortgages fell to 3.39%, down from 3.41% the previous week.

Both rates were at their lowest levels since Freddie Mac began tracking rates on one-year ARMs in 1984.

The nationwide averages for mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried an average fee of 0.7 point this week, while one-year ARMs carried an average fee of 0.6 point.