Mortgage Rates Drop Slightly In Week

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WASHINGTON, (UPI) —  Average long-term U.S. mortgage rates held under 4 percent in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.

Rates for 30-year contracts have held under 4 percent for two consecutive weeks, falling this week from 3.99 percent to 3.98 percent with 0.7 point. Thirty-year mortgage rates averaged 4.87 percent the same week of 2011.

Average rates for 15-year fixed-rate contracts fell from 3.23 percent to 3.21 percent with 0.7 point, Freddie Mac said.

In the same week of 2011, the average rate for 15-year loans stood at 4.1 percent.

Five-year adjustable rate mortgages averaged 2.86 percent for the week with an average 0.8 point, down from last week’s average rate of 2.9 percent. A year earlier, five-year adjustable rate contracts averaged 3.72 percent.

One year Treasury-indexed adjustable mortgage rates held steady at 2.78 percent with 0.6 point. A year ago, rates for these loans averaged 3.22 percent.

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