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Average rate on 30-year mortgages falls

Los Angeles Times reports Thursday, the average rate on a 30-year fixed-rate mortgage fell to 3.86% from 3.91% a week earlier. The rate on 15-year fixed-rate mortgages eased to 3.08% from 3.11%.

The average rate on five-year adjustable-rate mortgages declined to 2.91% from 2.92%; the fee held steady at 0.5 point. The average rate on one-year ARMs fell to 2.53% from 2.56%; the fee remained at 0.2 point.

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