Real Estate Notes
30-year mortgage rates fall to 4.91%
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Rates for 30-year home loans stayed below 5 percent for the second week in a row.
The average interest rate fell to 4.91 percent from 4.98 percent a week earlier, the mortgage company Freddie Mac said Thursday.
Rates hit a record low of 4.78 percent in the spring but are still attractive for people looking to buy a home or refinance.
The average rate on a 15-year, fixed-rate mortgage fell to 4.36 percent from 4.40 percent, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.29 percent, down from last week's 4.35 percent. Rates on one-year, adjustable-rate mortgages declined to 4.46 percent from 4.47 percent.
Borrowers can lower their interest rates by buying points, which cost 1 percent of the loan amount. The nationwide averages in Freddie Mac's survey were 0.7 points for 30-year loans and 0.6 points for 15-year, five-year and one-year loans.
Borrowers refinancing their mortgages continued to turn to fixed-rate loans in the third quarter amid low mortgage rates regardless of the type of prior mortgage, according to Freddie Mac.
It marked the fourth quarter in a row that more than 95 percent of prime borrowers who originally had adjustable-rate mortgages chose fixed-rate products when they refinanced. The 30-year, fixed-rate mortgage remains most popular, though 15-year fixed offerings are gaining favor, Freddie said.
