Interest rates for home loans have fallen under three percent in many areas as the Federal Reserve continues to hold down long-term rates.

Rob Stephenson, President of First Dakota National Bank based in Yankton, says they continue to see heavy demand…

Stephenson says they have had a lot of homeowners refinance…

Stephenson says the low interest rates should hang on for a while…

Thirty-year mortgage’s averaged just over three percent, while fifteen-year plans averaged about two point six percent in the last week.