WASHINGTON, Nov. 21 (UPI) -- The Federal Home Loan Mortgage Corp. said long-term lending rates fell in the week ending Thursday due to weak economic data.
"Industrial production slipped by 0.1 percent in October, below the market consensus forecast of a 0.2 percent gain. The consumer price index also unexpectedly fell during the month. On an annual basis, consumer prices are up 1 percent, the smallest increase since October 2009," Nothaft said.
In the week, rates for 30-year fixed-rate mortgages fell from 4.35 percent to 4.22 percent with 0.7 point in the past week.
A year ago, rates for 30-year, fixed-rate mortgages averaged 3.31 percent.
Rates for 15-year fixed-rate mortgages dropped from 3.35 percent to 3.27 percent with an average 0.7 point in the week. A year ago in the same week, 15-year fixed-rate loans averaged 2.63 percent.
Rates for 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.95 percent this week with an average 0.5 point. Rates a week ago averaged 3.01 percent. A year ago, they averaged 2.74 percent.
Rates for 1-year Treasury-indexed adjustable-rate loans averaged 2.61 percent in the week, unchanged from the previous week. One-year loans averaged 0.4 point.
Last year over the same period, rates for 1-year adjustable-rate loans averaged 2.56 percent.
One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan's long-term interest rates.