Rates Hold Stready

The benchmark 30-year fixed-rate mortgage fell 1 basis point to 5.85 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.32 discount and origination points. One year ago, the mortgage index was 6.07 percent. The benchmark 15-year fixed-rate mortgage stood unchanged at 5.42 percent. The benchmark 5/1 adjustable-rate mortgage fell 5 basis points to 5.26 percent. Source: Bankrate.com