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by CareyBot

Long-term mortgage rates dropped for the second consecutive week, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.77 percent for the week ended today, down a little from last week when it averaged 5.8 percent. The average for the 15-year fixed-rate mortgage this week is 5.35 percent, down from last week when it averaged 5.4 percent. Points on the 30-year averaged 0.5, while points on the 15-year averaged 0.6. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.3 percent this week, with an average 0.6 point, down from last week when it averaged 5.34 percent. The one-year Treasury-indexed ARM averaged 4.56 percent this week, with an average 0.7 point, down slightly from last we...