NEW YORK (CNNMoney.com) -- Mortgage
rates fell for the fifth consecutive week, sending rates on the
nation's most popular home loans to the lowest levels in nearly a
year, a survey said Thursday.
The rate on 30-year fixed-rate
mortgages fell to 6.14 percent this week from 6.18 percent last
week, according to mortgage lending firm
Freddie Mac (Charts).
It was the lowest the 30-year has
been since the week of Jan. 26, when it averaged 6.12 percent. A
year ago, the 30-year averaged 6.26 percent.
The 15-year fixed-rate mortgage
averaged 5.87 percent, down from 5.91 percent last week. A year
ago, it averaged 5.81 percent. It was the lowest rate for this
loan since February when it stood at 5.81 percent.
Rates for five-year
adjustable-rate mortgages (ARMs) came in at 5.95 percent this
week, down from 5.99 percent but up from 5.76 percent a year ago.
It was the lowest since March, when it averaged 5.93 percent.
One-year ARMs averaged 5.46
percent, down from 5.49 percent last week. A year ago, the
one-year ARM averaged 5.16 percent.
"Mortgage applications for home
purchase in November have remained healthy, due largely because of
the drop in mortgage rates and a softening in home prices in some
areas," Frank Nothaft, Freddie Mac vice president and chief
economist, said in a statement.
----------------------------------
Home prices still getting weaker
Home prices post record drop in
October