30-year mortgage rates at two-year low

MCLEAN, Va., Nov. 29 (UPI) -- The Freddie Mac mortgage survey said Thursday the 30-year fixed mortgage rates in the United States had fallen to their lowest level in more than two years.

The 30-year mortgage group averaged 6.10 percent with an average 0.5 points this week, down from last week's 6.20 percent, the report said.

The 15-year FRM this week averaged 5.73 percent with an average 0.5 points, down from last week's 5.83 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.86 percent this week, with an average 0.5 points, down from last week's 5.88 percent.

One-year Treasury-indexed ARMs averaged 5.43 percent this week with an average 0.7 points, up from last week when it was 5.42 percent.

Frank Nothaft, Freddie Mac vice president and chief economist, said interest rates had been drifting lower over market concerns that the housing slump and credit market stress could slow future economic growth.

Freddie Mac is a stockholder-owned corporation established by the U.S. Congress in 1970 to support home ownership and rental housing.