The typical rate on a 30-year fixed-rate mortgage dropped this week to a record low of 3.66%, down from 3.71% last week, Freddie Mac’s latest survey of lenders showed.
The previous record low, set two weeks ago, was 3.67%, according to the survey, which asks the lenders about the terms they are offering on popular types of home loans. The borrowers would have paid 0.7% of the loan amount on average in upfront fees and discount points to obtain the 30-year loan.
Freddie Mac said Thursday that adjustable-rate mortgages with the start rate fixed for five years also were at record lows – 2.77%, down from 2.8% a week ago.
The 15-year fixed mortgage, a popular option these days for borrowers seeking to refinance, averaged 2.95% this week compared to 2.98% a week earlier.
Borrowers must be rock-solid, including having 20% down payments for home purchases, to qualify for the lender offering rates quoted by Freddie Mac. Those in the gold-plated category often can find slightly better rates by shopping around. Rates also can be lowered by paying additional discount points up front.
The Freddie Mac rate survey does not include third-party charges such as appraisal fees and title insurance.
source: latimes.com
