Mortgage Rates Fall to Another Low

The 30-year fixed-rate average fell to 3.55 % this week, its lowest level since November 2016, the Washington Post reports.

The 30-year fixed-rate average fell to 3.55 percent from 3.60 percent — the lowest since November 2016 — with an average 0.5 point. (Points are fees — equivalent to 1 percent of the loan amount — paid to a lender on top of the interest rate.) It averaged 4.51 percent a year ago.

The 15-year fixed-rate average fell to 3.03 percent from 3.07 percent with an average 0.5 point. It averaged 3.98 percent a year ago. The five-year adjustable rate average decreased to 3.32 percent from 3.35 percent with an average 0.3 point. It averaged 3.82 percent a year ago.

"This is great news for buyers since lower mortgage rates make buying much more affordable," said Daryl Fairweather, chief economist for Redfin real estate brokerage. "Home prices have gone up just three to four percent in the past year, which in combination with low rates increases affordability."

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