For Second Straight Week, Mortgage Rates Drop

For the second straight week, mortgage rates continued to inch downward, according to Freddie Mac’s weekly Primary Mortgage Market Survey.

The 15-year fixed-rate mortgage averaged 3.97 percent, the lowest since Dec. 9, 2010. Last week, it averaged 4.02 percent, and a year ago at this time it averaged 4.39 percent.

Meanwhile, the 30-year fixed-rate mortgage, the most popular choice among buyers, averaged 4.78 percent this week, down from last week’s 4.80 percent. Last year at this time, the 30-year fixed-rate mortgage stood at 5.06 percent.

The 5-year adjustable-rate mortgage averaged 3.51 percent this week, down from last week’s 3.61 percent average. A year ago, it stood at 4 percent.