Av­er­age 30-year loan rate drops

Los Angeles Times - - BUSINESS BRIEFING -

Mort­gage lenders were of­fer­ing con­ven­tional 30year loans at an av­er­age rate of 4% this week, com­pared with 4.04% a week ago, Fred­die Mac’s weekly sur­vey showed.

The sur­vey found that fixed rates for 15-year loans also eased slightly, from 3.25% to 3.23%. There was lit­tle change in the start rates for ad­justable home loans.

Bor­row­ers would have paid an av­er­age of 0.7% of the loan bal­ance in up­front len­der fees and dis­count points to ob­tain the 30-year fixe­drate loan in the latest sur­vey. Pay­ments for such ser­vices as ap­praisals and ti­tle in­sur­ance are not in­cluded.

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