Average Mortgage Rates Near Historic Lows

New York, NY, March 6, 2015—Average long-term mortgage rates have fallen for the first time in four weeks and remain near historic lows reached in May 2013, reports the Associated Press.

Mortgage giant Freddie Mac said that the national average for a 30-year, fixed-rate mortgage fell to 3.75% from 3.80% last week.

The Associated Press says that the rate for a 15-year mortgage, popular with homeowners who refinance, fell to 3.03% from 3.07% last week.

A year ago, the average 30-year mortgage stood at 4.28% and the 15-year mortgage at 3.32%. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates.