Mortgage rates remain near record lows
Original Post Date: November 1, 2012
By: E. Scott Reckard
Mortgage interest rates moved slightly lower this week, according to housing finance giant Freddie Mac, with lenders offering 30-year fixed-rate home loans to solid borrowers at an average of 3.39%, compared with 3.41% last week.
The 15-year fixed mortgage, often used by refinancers seeking to pay off their housing debt faster, dropped from 2.72% last week to 2.7%. The rates are hovering near the all-time lows of 3.36% for the 30-year and 2.66% for the 15-year, set last month.
Borrowers would have paid an average of 0.7% of the loan balance in upfront fees to the lender to obtain the rates, Freddie Mac said in its weekly report on mortgage pricing,
Start rates on variable mortgages also edged down, the report showed.
Freddie Mac asks lenders Monday through Wednesday about the terms they are offering creditworthy borrowers with at least a 20% down payment or 20% equity if they are refinancing their loans. Costs for third-party services such as appraisals and title insurance are not included.