Mortgage Rates Drop for Third Straight Week

Average mortgage rates have fallen for the third straight week, with 30-year fixed loans at 4.87% and 15-year loans at 4.15%, Freddie Mac said.

That’s about a fifth of a percentage point lower than three weeks ago, trimming payments by $526 a year on a $400,000 30-year fixed-rate loan, Freddie said Thursday.

The rates were for loans up to $417,000 for well-qualified borrowers with 20% down payments or 20% equity if they are refinancing, and paying 0.7% of the loan amount in upfront lender fees. (*Source: LA Times)

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