Mortgage rates slide slightly in week

Nov. 1, 2012 at 1:39 PM   |   Comments

| License Photo
WASHINGTON, Nov. 1 (UPI) -- Fixed mortgage rates on long-term loans in the United States fell modestly in the week that ended Thursday, the Federal Home Loan Mortgage Corp. said.

The average 30-year fixed mortgage interest rate fell from 3.41 percent to 3.39 percent with an average 0.7 points, Freddie Mac said.

A year earlier, interest rates for 30-year, fixed-rate loans were at 4 percent.

For 15-year loans, interest rates fell from 2.72 percent to 2.7 percent with an average 0.7 points. A year ago, 15-year loan rates averaged 3.31 percent.

Average interest rates for five-year adjustable-rate mortgages were down from 2.75 percent to 2.74 percent with 0.6 point. In the same week of 2011, rates for five-year ARM contracts stood at 2.96 percent.

The average interest rate for one-year ARM contracts fell from 2.59 percent to 2.58 in the week with 0.4 points.

Rates a year ago for one-year ARM contracts averaged 2.88 percent.

Low inflation and a growing economy allowed interest rates to fall slightly in the week, said Freddie Mac vice president and Chief Economist Frank Nothaft in a statement.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
Northrop Grumman developing reusable space plane for lifting spacecraft into orbit
Construction on Russian gas line to China slated for September
Navy to test Lockheed Martin's FORTIS exoskeleton
Corona Extra recalled due to glass particles in beer
Embraer refining KC-390 transport
Trending News