Mortgage rates drop for second week in a row

The benchmark 30-year fixed mortgage rate dropped to 4.37 percent in Bankrate’s weekly national survey, the company said in a release.

The average 30-year fixed mortgage has an average of 0.30 discount and origination points.

SURVEY RESULTS

• 30-year fixed: 4.37% — down from 4.44% last week (avg. points: 0.30)

• 15-year fixed: 3.45% — down from 3.51% last week (avg. points: 0.24)

• 5/1 ARM: 3.34% — down from 3.35% last week (avg. points: 0.23)

The average 15-year fixed mortgage rate slipped to 3.45 percent, while the larger jumbo 30-year fixed mortgage rate ticked down to 4.39 percent. Adjustable rate mortgages were also down this week, with the 3-year ARM sliding to 3.23 percent and the 5-year inching lower to 3.34 percent.

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets. For a full analysis from Bankrate.com click here.

Meanwhile, mortgage buyer Freddie Mac said Thursday the average rate for the 30-year loan declined to 4.21% from 4.29% last week.