Fixed mortgage rates fall - KWWL - Eastern Iowa Breaking News, Weather, Closings

Fixed mortgage rates fall

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WASHINGTON, D.C. (KWWL) -

Fixed mortgage rates fell this week, and the rate on the 15-year loan dropped to its lowest point of the year.

Freddie Mac says the average rate on the 30-year loan decreased to 4.51 percent from 4.60 percent a week ago.  It reached its yearly low a month ago, at 4.49 percent.

The average rate on the 15-year fixed mortgage, popular for refinancing, fell to 3.65 percent from 3.75 percent.  Its previous low this year was 3.67 percent, reached three weeks ago.

Low mortgage rates and depressed home values have done little to revive the struggling housing market.

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