Mortgage Rates Fall Sharply 30 Year at 3.60
U.S. long-term mortgage rates fell sharply this week, with the benchmark 30-year loan touching its lowest level since November 2016.
Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year mortgage dropped to 3.60% from 3.75% last week. A year ago the rate stood at 4.59%. The average rate for 15-year, fixed-rate home loans tumbled to 3.05% from 3.20%.
The average fee on 30-year fixed-rate mortgages was unchanged this week at 0.6 point. The average fee for the 15-year mortgage also was steady, at 0.5 point. The average rate for five-year adjustable-rate mortgages fell to 3.36% from 3.46% last week. The fee slipped to 0.3 point from 0.4 point.
It's a great time to buy!