U.S. mortgage rates declined last week

WASHINGTON, May 22 (UPI) -- Interest rates for 30-year, fixed-rate mortgages declined slightly in the United States in the last week, the Federal Home Loan Mortgage Corp. said Thursday.

The average 30-year fixed interest rate was 5.98 percent with an average 0.5 point, compared with 6.01 percent for the previous week, Freddie Mac said.

A year ago, 30-year fixed rate mortgages averaged 6.37 percent.

At 5.55 percent with an average 0.6 point, the 15-year fixed rate also declined, down from 5.6 percent the previous week.

Interest rates fell "on news of both weaker industrial production in April and consumer sentiment falling in May," Freddie Mac chief economist Frank Nothaft said.

"Housing woes still plague the economy," he said. "Although housing starts unexpectedly rose in April, all of the gains were in multifamily properties," he said.