Interest rates hit low for the year

Earlier this week lenders offered a 30-year fixed-rate loan at an average interest rate of 3.81%, down from 3.96% last week. This week’s average was the lowest since the week of June 20, 2013, when they were offered at 3.93%. Just a few weeks ago rates were going in the opposite direction and rising to around 4.23%. These rates are on loans up to $417,000.  Jumbo loan rates (above $417K) will be higher but in the same ball park.  

The average rate for a 15-year fixed loan was 3.18%, down from 3.3% last week. The 5/1 adjustable rate mortgages also feel from 2.83% to 2.7%.

Sources: LA Times, Zillow and Housing Wire

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