NEW YORK (MarketWatch) -- U.S. fixed-rate mortgages fell in the latest week, according to Freddie Mac's survey released Thursday. The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 5.96% in the week ending Thursday, down from 6.10% a week ago and 6.11% a year ago.
The current 30-year rate has not been lower since the week ended Sept. 29, 2005, when it averaged 5.91%. The 15-year fixed-rate loan averaged 5.65%, down from 5.73% a week ago and 5.84% a year ago.
The current rate on that loan hasn't been lower since the week ended Oct. 13, 2005, when it averaged 5.62%. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.75%, compared with 5.86% a week ago and 5.92% a year ago.
"House prices rose only 1.8% over the 12 months ending Sept. 30, the slowest rate of growth since the 12-month period ending March 31, 1995, according to the Federal Housing Finance Board's national house-price index," said Frank Nothaft, Freddie Mac vice president and chief economist. "With lower consumer spending and personal income gains in October, interest rates on U.S. Treasury securities fell lower this week and mortgage rates followed."
Source: Michelle Donley, MarketWatch
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