Mortgage loan rates near or at record lows

WASHINGTON, Nov. 19 (UPI) -- Interest rates for fixed-rate mortgage loans fell this week to near or below historic levels, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-rate mortgage averaged 4.83 percent with an average 0.7 points during the week ending Nov. 19, the lowest rate since late May, Freddie Mac said.

A week ago, 30-year, fixed-rate mortgages averaged 4.91 percent. A year ago, rates averaged 6.04 percent.

At 4.32 percent with an average 0.6 points, the 15-year, fixed-rate average also fell, dropping from the previous week's average of 4.4 percent.

The new average rate for 15-year fixed-rate loans is the lowest since Freddie Mac began keeping records in 1991, said Frank Nothaft, Freddie Mac vice president and chief economist.

Low rates July through September have begun to add up to real savings, he said.

"Low fixed rates throughout the third quarter prompted an estimated $1.1 trillion in refinancing activity, saving homeowners about $10 billion in aggregate monthly payments over the first 12 months of their new loan," he said.