MCLEAN, Va. -- Freddie Mac of McLean, Va., said Friday long term mortgage rates eased slightly during the week ended Nov. 18.
Freddie Mac said the rate on the popular 30-year mortgage eased to 5.74 percent from 5.76 percent a week earlier. The loan carries an average 0.6 percent in points and fees.
Last year at this time, the 30-year loan averaged 6.03 percent.
The average rate for the 15-year loan declined to 5.15 percent from 5.16 percent a week ago. The loan also carries an average 0.6 percent in points and fees.
A year ago, the 15-year loan averaged 5.39 percent.
Freddie Mac said the one-year Treasury-indexed adjustable-rate mortgage averaged 4.17 percent this week, with an average 0.7 percent in fees and points, Last week the loan was offered at an average 4.16 percent. At this time last year, the one-year averaged 3.76 percent.
"Because long-term mortgage rates are still well below the peak levels reached last May of this year, housing starts are currently exceeding expectations," said Frank Nothaft, Freddie Mac vice president and chief economist. "With no dramatic rise in rates on the horizon, the housing industry should continue to be healthy well into the future."
