Rates Down for 3rd Week

As posted in Virginia Business.Com

 

Mortgage rates drop for third consecutive week

Virginia Business.Com March 3,2011 2:11 p.m.

Mortgage rates dropped this week for the third consecutive week, according to Freddie Mac's weekly survey.

The 30-year, fixed-rate mortgage averaged 4.87 percent, down from last weeks 4.5 percet.  At this time alst year, the average rate was 4.97 percent.

The 15-year, fixed-rate mortgage averaged 4.15 percent down 0.7 percentage point from last week when it averaged 4.22 percent.  A year ago, the average rate was 4.33 percent.

"Interest rates for 30-year fixed mortgages were almost 0.2 percentage points below this year's high set just three weeks ago," Frank Nothaft, vice president and chief economist of Freddie Mac, said.  "This means that home buyers could now expect to pay $263 less er year on a $200,000 loan."