Friday Rate Update

Mortgage Rates Move Lower 

The rate for a 30-year fixed-rate mortgage averaged 3.72 percent this week, down from the previous week’s 3.79 percent, Freddie Mac said yesterday. At this time last year, the 30-year FRM rate averaged 3.59 percent.

This week’s 15-year FRM averaged 3.01 percent, down from 3.07 percent last week. A year ago, the 15-year FRM averaged 2.92 percent.

--ABA Daily Newsbytes