US Mortgage Rates Mixed In Week

Interest rates for 30-year, fixed-rate U.S. mortgages fell for the fourth straight week, the Federal Home Loan Mortgage Corp. said Wednesday.

The 30-year, fixed-rate mortgage averaged 5.97 percent with an average 0.7 points in the week ending Nov. 26, Freddie Mac said.

A week ago, 30-year, fixed-rate mortgages averaged 6.04 percent. Last year at this time, they averaged 6.1 percent.

At 5.74 percent with an average 0.7 points, the 15-year, fixed-rate average increased slightly over the previous week’s average of 5.73 percent. A year ago, 15-year fixed-rate mortgages were equal to last week’s rate of 5.73 percent, the report said.

Signs the overall economy is flagging lowered most interest rates market-wide, said Frank Nothaft, Freddie Mac vice president and chief economist.

However, declining house prices and low mortgage rates have raised housing affordability … to the highest level since February of this year, he said.

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Image Caption: This August 6, 2008 file photo shows the corporate logo for Freddie Mac seen outside its headquarters in McLean, Virginia. The Bush administration announced September 8, 2008 it was taking control of the troubled mortgage lending giants Freddie Mac and Fannie Mae in an attempt to help save the lenders and reverse the housing and credit crisis. (UPI Photo/Patrick D. McDermott/Files)