CHICAGO-Freddie Mac has reported that the average rates on mortgages for 30 years decreased 4.27% in the latest week, a record-low value since 1971. It was 4.32% in the previous week.
For 15-year mortgages, the average rates decreased 3.72% in the latest week from previous week's value of 3.75%. For this week, the average rates on adjustable-rate loans for five years decreased 3.47%, while that of one-year adjustable-rate loans decreased 3.40% from that of the previous week. For the full story, go to Chicago Sun Times.
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