WASHINGTON, April 11 (UPI) -- U.S. mortgage rates slipped for the second consecutive week, the Federal Home Loan Mortgage Corp. said Thursday.
Rates for 30-year, fixed-rate mortgages slid from 3.54 percent with an average 0.8 point to 3.43 percent, Freddie Mac said.
Rates for 15-year contracts dropped from 2.74 percent to 2.65 percent with an average 0.7 point.
One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan's long-term interest rates.
Interest rates for five-year adjustable rate mortgages fell to 2.62 percent with an average of 0.5 points from 2.65 percent.
One-year adjustable rate mortgages using 10-year bonds as a benchmark averaged 2.62 percent with 0.3 point in the week, down from 2.63 percent in the previous week.