Interest rates drop to new low for 15-year loans
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Fixed rates on 30-year mortgages rose again this week but dropped to a recorded low of 3.82 percent on 15-year loans, mortgage finance giant Freddie Mac reported Thursday.
That average rate on 15-year terms reflects .6 point paid and is good news for Long Islanders who have equity in their homes and can refinance into a shorter term. It was down a smidgen from 3.83 last week and was the lowest since Freddie Mac began tracking 15-year terms in 1991.
On 30-year mortgages, the rate was 4.37 percent with .7 point, up from 4.35 last week, the report said. A year ago, it was 5.04 percent.
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