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U.S. markets recover from steep losses
WASHINGTON, Nov. 23 (UPI) -- Long-term mortgage rates were slightly lower in the week ending Wednesday, the U.S. Federal Home Loan Mortgage Corp. said.
Freddie Mac said the average interest rates for 30-year, fixed-rate loans fell from 4 percent to 3.98 percent with an average of 0.7 points for the week.
A year earlier during the same week of the year, interest rates for long-term loans averaged 4.4 percent.
For 15-year loans, the rate fell from 3.31 percent during the week to 3.3 percent. Points for 15-year contracts averaged 0.7 point in the week.
A year earlier, 15-year, fixed-rate mortgages averaged 3.77 percent.
Rates edged lower "as the high degree of home-buyer affordability in recent months translated to a 1.4 percent pickup in existing home sales," said Frank Nothaft, Freddie Mac vice president and chief economist.
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