Friday Rate Update

Mortgage Rates Dip Lower 

The rate for a 30-year fixed-rate mortgage averaged 3.47 percent this week, down from the previous week's 3.52 percent rate, Freddie Mac said yesterday. At this time last year, the 30-year FRM rate averaged 3.76 percent.

This week's 15-year FRM averaged 2.78 percent, down from last week's 2.79 percent rate. A year ago, the 15-year FRM averaged 2.98 percent.

--ABA Daily Newsbytes