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Chicago Tribune
Chicago Tribune
Business
Mary Ellen Podmolik

BRIEF: Mortgage rates tumble

Jan. 08--Average interest rates on fixed-rate mortgages fell this week to their lowest level since May 2013, Freddie Mac said Thursday.

The average rate on a 30-year loan was 3.73 percent, down from 3.87 percent last week and 4.51 percent a year ago.

For a 15-year mortgage, the average fixed rate this week of 3.05 percent compared with 3.15 percent last week and 3.56 percent in the same week a year ago.

"Mortgage rates fell to begin the year as 10-year Treasury yields slid beneath 2 percent for the first time in three months," said Freddie Mac chief economist Frank Nothaft.

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