Mortgage rates drop slightly in week

WASHINGTON, Oct. 23 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages eased slightly in the week ending Oct. 23, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-rate mortgage averaged 6.04 percent with an average 0.6 points during the week, Freddie Mac said.

A week ago, 30-year, fixed-rate mortgages averaged 6.46 percent. Interest rates averaged 6.33 percent a year ago.

At 5.72 percent with an average 0.6 points, the 15-year, fixed-rate average also declined, dropping from the previous week's average of 6.14 percent. A year ago, 15-year fixed-rate mortgages averaged 5.99 percent, the report said.

Interest rates fell "amid news of tame inflation and a weaker housing market," Freddie Mac vice president and chief economist Frank Nothaft said in a statement.