Average rate on 30-year mortgage falls to 3.85%

Long-term U.S. mortgage rates declined this week following the Federal Reserve’s decision to keep interest rates at record lows for now.

Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage fell to 3.85% from 3.91% a week earlier. The rate on 15-year fixed-rate mortgages eased to 3.08% from 3.11%.

Rates have stayed below 4% for nine straight weeks. The average fee for a 30-year mortgage rose to 0.7 point from 0.6 point last week. The fee for a 15-year loan was unchanged at 0.6 point.

(Source: LA Times)