Mortgage rates drop for the third consecutive week

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Mortgage rates dropped this week for the third consecutive week, according to Freddie Mac’s weekly survey.

The 30-year, fixed-rate mortgage averaged 4.87 percent, down from last week’s 4.95 percent. At this time last year, the average rate was 4.97 percent.

The 15-year, fixed-rate mortgage averaged 4.15 percent, down 0.7 percentage point from last week when it averaged 4.22 percent. A year ago, the average rate was 4.33 percent.

“Interest rates for 30-year fixed mortgages were almost 0.2 percentage points below this year’s high set just three weeks ago,” Frank Nothaft, vice president and chief economist of Freddie Mac, said. “This means that home buyers could now expect to pay $263 less per year on a $200,000 loan.”

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