Friday Rate Update

Mortgage Rates Edge Down

The rate for a 30-year fixed-rate mortgage averaged 3.65 percent this week, down slightly from the previous week’s average of 3.67 percent, Freddie Mac said yesterday. At this time last year, the 30-year FRM rate averaged 4.33 percent.

This week’s 15-year FRM rate averaged 2.92 percent, down slightly from last week’s 2.94 percent rate. A year ago, the 15-year FRM rate averaged 3.39 percent.

---ABA Daily Newbytes