Friday Rate Update

Mortgage Rates Fall Again
 
The rate for a 30-year fixed-rate mortgage averaged 3.97 percent this week, down from the previous week's 4.08 percent rate and the first drop below 4 percent since November, 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 3.23 percent, down from last week's 3.34 percent. A year ago, the 15-year FRM rate averaged 2.85 percent.

--ABA Daily Newsbytes