Friday Rate Update

Mortgage Rates Fall 
 
The rate for a 30-year fixed-rate mortgage averaged 4.1 percent this week, down from the previous week's 4.14 percent rate, Freddie Mac said yesterday. At this time last year, the 30-year FRM rate averaged 3.59 percent.

This week's 15-year FRM rate averaged 3.36 percent, down from last week's 3.39 percent. A year ago, the 15-year FRM rate averaged 2.88 percent. This week's decrease marks the second straight week of downward movement.

--ABA Daily Newsbytes