30-year Mortgage Drops to Near Record Low

Extending a long stay near record lows, fixed mortgage rates edged lower this week, with lenders offering the typical 30-year loan to solid borrowers at 3.88%, down from 3.9% last week, according to giant loan buyer Freddie Mac.

This week’s average for the 15-year fixed loan was 3.12%, down from 3.13% a week earlier. Adjustable loans were mixed. The start rate fell on mortgages that adjust once a year but rose on loans that become adjustable after five years at a fixed rate. – LA Times
 

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