Several benchmark mortgage rates were down last week. The average rates on 30-year fixed and 15-year fixed mortgages both receded. On the variable-mortgage side, the average rate on 5/1 ARMs rose.
Mortgage rates are in a constant state of flux, but remain low by historical standards. If you’re in the market for a mortgage, it could be a great time to lock in a rate. Just make sure to do some shopping around first.