The LA Times reports that “30-year mortgage rates have fallen below 3.8% for the first time to average 3.79%, down from a then-record 3.83% a week ago.
The 15-year fixed loan also hit another new low, falling from 3.05% last week to 3.04% this week.
The start rates on adjustable mortgages rose slightly in the survey. Quotes are for solid borrowers with 20% down payments or equivalent equity in their homes if they are refinancing.
The borrowers would have paid 0.7% of the loan amount on average in upfront fees and discount points to obtain the fixed-rate loans, and slightly less for adjustable-rate loans.”