Washington -- Interest rates for 30-year, fixed-rate U.S. mortgages declined slightly in the last week, the Federal Home Loan Mortgage Corp. said Thursday.
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The 30-year, fixed-rate mortgage averaged 6.14 percent with an average 0.7 points in the week ending Nov. 13, Freddie Mac said.
A week ago, 30-year, fixed-rate mortgages averaged 6.2 percent. A year ago, 30-year fixed rate mortgages averaged 6.24 percent.
Rates for 15-year fixed-rate mortgages also declined, falling to 5.81 percent with an average 0.7 points from the previous week's average of 5.88 percent. A year ago, 15-year fixed-rate mortgages averaged 5.88 percent, the report said.
"Long-term mortgage rates fell slightly this week as signs the overall economy is weakening brought interest rates down market-wide," said
Frank Nothaft, Freddie Mac vice president and chief economist.
"In addition, the actions of the Fed in recent weeks to assist commercial paper markets appear to be thawing part of the credit freeze that has gripped capital markets in the United States, giving banks some breathing room," he said, noting rates for fixed-rate mortgages have fallen two consecutive weeks.
Submitted by Anonymous (not verified) on Sun, 11/16/2008 - 15:27. *
On the one side, government keeps saying it is cutting down the interest rates for banks, to help the economy, but there is no effect of this rate cut ont he mortgage rates. How are they really helping the end userreall people if the mortgage rate isn't falling down? I wish instead o of all these talks of rate cuts, if the government intervened to directly slas lashh dst rate, that would benefit the consumers and get the economy going. Do these lawmakers really have the best interest of consumers or the real estatee lobbyist and banks have first priority on the lawmakers mind b efore worrying about consumers.
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Get original file (8KB)
On the one side, government
On the one side, government keeps saying it is cutting down the interest rates for banks, to help the economy, but there is no effect of this rate cut ont he mortgage rates. How are they really helping the end userreall people if the mortgage rate isn't falling down? I wish instead o of all these talks of rate cuts, if the government intervened to directly slas lashh dst rate, that would benefit the consumers and get the economy going. Do these lawmakers really have the best interest of consumers or the real estatee lobbyist and banks have first priority on the lawmakers mind b efore worrying about consumers.
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