Mortgage rates still dropping
Click to enlarge The downward plunge in U.S. mortgage rates continued this week, with interest on 30-year, fixed-rate loan hitting a record low for a third straight week. But rates may be leveling off, with 15-year loan rates increasing slightly this week. According to mortgage giant Freddie Mac, this week’s rates: Averaged 4.57% for a 30-year loan with an average 0.7 point. That’s down a smidgen from last week’s record low when the rate averaged 4.58%. And it’s the lowest in records dating back to April 1971. Averaged 4.07% for a 15-year fixed loan with 0.7 points. That’s up slightly from last week’s record 4.04%. Averaged 3.75% for a five-year adjustable-rate mortgage (ARM) with 0.7 points. That’s down from last week when it averaged 3.79%.
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