Rates on five-year adjustable-rate mortgages also Mortgage Rates Decline From the AP: "Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures," said Frank Nothaft, chief economist at Freddie Mac. Rates on other types of mortgages also fell this week, according to the Freddie Mac survey. Rates on 15-year fixed-rate mortgages, a popular option for refinancing, fell to 6.07 percent, down from 6.18 percent last week. Online applications are quick. An online application form takes about four minutes of your time filling it up. Approval can then be given within 24 hours. This is a far cry from the several business days it usually takes for traditional mortgage applications to be approved. In this regard, online mortgages are less time-consuming and even initially paper-free.
