Mortgage loan rates down during past week
Jan 2011 14

Mortgage loan rates fell during the past week according to a survey of lenders nationwide.

According to data collected by Freddie Mac and reported by the Wall Street Journal:

The average 30-year fixed-rate mortgage fell to 4.71% in the week ended Jan. 13, reaching a four-week low, Freddie Mac said. The rate was 4.77% in the prior week and 5.06% in the prior year, according to Freddie Mac, a buyer of residential mortgages.

To obtain the latest rate, the mortgage required payment of an average 0.8 point. A point is 1% of the mortgage amount, charged as prepaid interest.

As mentioned in the column, rates are a quarter of a percentage point lower than a year ago, which is good news for those looking to buy.

More: Mortgage Rates Decline to 4-Week Low

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