According to Freddie Mac, lenders are offering 30-year fixed loans at less than 4.5% this week and 15-year loans at less than 4%.
Reporting a seventh straight week of declines, Freddie Mac said the 30-year rate averaged 4.49% for the week ending Thursday, down from 4.54% last week and 5.22% a year earlier. On home loans with rates fixed for 15 years, the interest rate averaged 3.95%, down from an even 4% a week earlier and 4.63% a year earlier.
Freddie Mac asks lenders about the rates they are offering on mortgages up to $417,000 to borrowers who are good credit risks. The borrowers would have paid 0.7% of the loan balance to the lenders in upfront fees and points, Freddie said.
In addition, solid borrowers who shop around often find slightly better rates than those published in the survey.
*Sources: LA Times, Housing Wire