By Jeff McKinney
The Cincinnati Enquirer

Many Tristate lenders this week began offering 30-year mortgage rates averaging 5.96 percent, the first time the rate has fallen below 6 percent since Realtors starting tracking local rates in 1985.

This week's average 30-year, fixed-rate mortgage with no points was down from 6.04 percent last week, according to a weekly survey of lenders by the Cincinnati Area Board of Realtors. The monthly payment on a $100,000 loan at 5.96 percent: $596.66.

In comparison, the average rate for the same week last January was 7.03 percent. The monthly payment on $100,000 was $667.25 at that time.

Fifth Third Bank, Third Federal Savings, Franklin Savings and First Financial are among the roughly 20 lenders surveyed.

Shorter-term rates also remain exceptionally low.

The average rate on a 15-year, fixed-rate mortgage was 5.44 percent, while the one-year adjustables came in at 4.00 percent.

E-mail jmckinney@enquirer.com