Real Estate & Area News

Mortgage Rates Edge Down

US mortgage rates ticked fell slightly this week, according to a report issued Thursday by mortgage insurer Freddie Mac. 30-year, fixed-rate mortgages averaged 3.75 percent this week, compared to 3.80 percent last week. The home loan most commonly used in home purchases has now fallen more than half a percentage point since the same week a year ago, when the average was 4.28 percent. For someone buying a $500,000 home, monthly mortgage payments would be about $170 cheaper than if they purchased the same home a year ago.

According to Freddie's report, the average rate also fell this week for the 15-year fixed loan, typically used in refinancings. The average was 3.07 percent last week, dropping to 3.03 percent this week. The 15-year has slipped 3 tenths of a percent since last year, when the average was 3.32 percent. The average rate for a five-year, adjustable-rate mortgage fell from 2.99 percent to 2.96 percent this week, while the average rate for a one-year ARM held steady at 2.44 percent.

To calculate average for its weekly mortgage report, Freddie Mac contacts lenders across the country from Monday to Wednesday of each week, releasing the averages each Thursday.

March 6, 2015