Average 30-year mortgage rate drops to 4.95%, Freddie Mac says
As stated by Freddie Mac last Thursday, the average interest rate on a 30-year fixed-rate mortgage fall down to 4.95% this week from 4.97% last week.
Based on the mortgage giant’s weekly survey, lenders offer a rate of 20% down payment for borrowers with good credit and the upfront fees averaged 0.7% of the loan amount. The average fee offered on a 15-year fixed-rate mortgage was 4.32%, which is well-known as a refinance loan for borrowers wanting to pay off their mortgages faster. That was down from 4.33% a week earlier, with 0.7% paid to the originator.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.05% this week with 0.6% of the loan balance paid to the lender. It has a fixed rate for five years before becoming variable. That was down from 4.11% last week, Freddie Mac said.
Borrowers frequently can find slightly lower rates by shopping around according to home-lending professionals.
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