Although mortgage rates are still above the record lows, 30-year fixed mortgage rates are decreasing. These rates do vary state by state. Fifteen-year fixed mortgage rates fell as well last week, as did 5-1 adjustable rate mortgages. At this time last year the average rate for a thirty-year fixed was 6.37%. The average rate last week was 5.2% - not quite as low as the record low of 4.78% from early spring. Rates raised this past June due to the yields on long-term government debt climbing; investors became concerned that large amounts of extra government debt would trigger inflation. Experts speculate that mortgage rates fell this past week from market concern due to the weakening labor market. Keep in mind that the above rates do not include the add-on fees called “points”. The average nationwide fee for a 30-year fixed rate mortgage and 15-year fixed rate mortgage averaged 0.7 of a point, while 5-1 adjustable rate mortgages averaged 0.6 of a point.

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