Mortgage interest rates drop slightly

WASHINGTON, May 21 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell slightly in the week ending May 21, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-rate mortgage averaged 4.82 percent with an average 0.7 points in the week, Freddie Mac said.

A week ago, 30-year, fixed-rate mortgages averaged 4.86 percent with an average 0.7 points. A year ago, the average rate was 5.98 percent.

At 4.5 percent with an average 0.7 points, the 15-year, fixed-rate average also declined slightly, dropping from the previous week's average of 4.52 percent. A year ago, 15-year fixed-rate mortgages averaged 5.55 percent, the report said.

"Long-term fixed-rate mortgage rates have remained below 5 percent for the past 10 weeks as the U.S. Treasury and Federal Reserve (Fed) act to keep interest rates low through security purchases," said Frank Nothaft, Freddie Mac vice president and chief economist in a statement.