YANKTON, S.D. (WNAX) – 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 15-year plans averaged about 2.6 percent in the last week.