WASHINGTON, Dec. 12 (UPI) -- Interest rates on long-term, fixed-rate mortgages were slightly lower in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.
Rates for 30-year, fixed-rate mortgages dropped from 4.46 percent to 4.42 percent with an average 0.7 point in the past week.
A year ago, rates for 30-year, fixed-rate mortgages averaged 3.32 percent.
Rates for 15-year, fixed-rate mortgages fell from 3.47 percent to 3.43 percent with an average 0.7 point in the week. A year ago in the same week, 15-year, fixed-rate loans averaged 2.66 percent.
Among the shorter-duration loans, rates for five-year Treasury-indexed, hybrid adjustable-rate mortgages averaged 2.94 percent this week with an average 0.4 point. Rates a week ago averaged 2.99 percent. A year ago, they averaged 2.7 percent.
Rates for one-year, Treasury-indexed, adjustable-rate loans averaged 2.51 percent in the week, down from 2.59 percent in the previous week. One-year loans averaged 0.4 point.
Last year over the same period, rates for one-year, adjustable-rate loans averaged 2.53 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.