My New Blog

According to Mortgage Finance company Freddie Mac, mortgage interest rates declined for the second consecutive week.  The average rate on a 30-year fixed rate mortgage was 4.93% this week, down from 4.97% a week earlier. 

Rates were even better on 15 year home loans.  This week, the average rate on a 15-year fixed-rate mortgages fell to 4.33%, down from 4.34% last week, according to Freddie Mac.  15-year fixed rate mortgages are popular with consumers as they save the consumer considerable interest and only result in a 16% higher payment vs. a 30 year mortgage. 

The rates do not include add-on fees known as points. One point is equal to 1% of the total loan amount.

The nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for 30-year loans, 0.6 point for 15-year and one-year loans and 0.5 point for five-year loans.