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Freddie Mac: Mortgage rates drop for third week

March 3, 2011 |  8:01 am

FRE imageAverage 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.


Demand for home loans declines, Mortgage Bankers Assn. says

Builders pull fewer permits for new homes in California

-- E. Scott Reckard