Mortgage rates fall in week

WASHINGTON, Feb. 12 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell in the week ending Feb. 12, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-rate mortgage averaged 5.16 percent with an average 0.7 points in the week, down from the previous week's 5.25 percent, Freddie Mac said.

A year ago, 30-year, fixed-rate mortgages averaged 5.72 percent.

At 4.81 percent with an average 0.7 points, the 15-year, fixed-rate average also declined, dropping from the previous week's average of 4.92 percent. A year ago, 15-year fixed-rate mortgages averaged 5.25 percent, the report said.

"Interest rates for 30-year fixed-rate mortgages are almost 1.5 percentage points below 2008's peak ... offering many homeowners an incentive to refinance," said Frank Nothaft, Freddie Mac vice president and chief economist.