Friday Rate Update

Mortgage Rates Fall 

The rate for a 30-year fixed-rate mortgage averaged 3.41 percent this week, down from the previous week’s 3.48 percent, Freddie Mac said yesterday. At this time last year, the 30-year FRM rate averaged 4.04 percent.

This week’s 15-year FRM averaged 2.74 percent, down from 2.78 percent last week. A year ago, the 15-year FRM averaged 3.2 percent.

--ABA Daily Newsbytes