Mortgage rates down slightly

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.