Real Estate & Area News

Fixed Mortgage Rates Fall to Near Two-Year Lows

Mortgage giant Freddie Mac reported Thursday that mortgage rates fell for a third consecutive week as oil prices and long-term Treasury yields continued to decline. The average rate for a 30-year, fixed-rate mortgage, Freddie said, was 3.66 percent this week. That's down from last week's 3.73 percent average, and down three-fourths of a percentage point from the 4.41 percent that was the average a year ago. The last time the 30-year average has been this low, in fact, was the middle of May in 2013. The average for a 15-year fixed home loan this week was 2.98 percent, down from 3.05 percent a week ago and 3.45 percent in mid-January of last year. This also marks the first sub-3 percent average for a 15-year fixed loan since the end of May, 2013.

January 15, 2015