By Jeff McKinney
The Cincinnati Enquirer

Many Tristate lenders, including the area's largest, this week began offering 30-year mortgage rates at historic lows, the Cincinnati Area Board of Realtors reported Tuesday.

The average 30-year fixed rate is the lowest since the group began tracking rates in 1985.

The falling rates mean more savings for consumers thinking about buying or refinancing homes. The rates also should give a boost to the local housing industry, which set a sales record last year but which has slowed in recent months.

This week's average 30-year, fixed-rate mortgage with no points (an upfront fee) was 5.65 percent, according to a survey of about 20 lenders by the Realtors. The monthly payment on a $100,000 loan: $577.24. The rate is also down from 5.76 percent last week.

The average rate for this time a year ago was 6.93 percent. The monthly payment on $100,000 was $660.34 at that rate.

The institutions surveyed include Fifth Third, Third Federal Savings, First Financial and Franklin Savings.

The 15-year fixed rate, a popular option for refinancing, dropped to an average 5.20 percent with no points locally.

Nationally, the average 30-year fixed rate was 5.62 percent, including a point (1 percent of the loan amount paid upfront), Freddie Mac reported late last week.

E-mail jmckinney@enquirer.com