Freddie Mac Reports Fall in Morgatge Interest Rates

Oct 27, 2011, 10:56 by R.E. Christian

Long-term mortgage rates were little changed in the week ending Thursday, the U.S. Federal Home Loan Mortgage Corp. said.

Freddie Mac said the average interest rates for 30-year, fixed-rate loans fell from 4.11 percent to 4.10 percent with an average of 0.8 points for the week.

Rates have changed little in two weeks. Prior to last week, 30-year fixed rate loans averaged 4.12 percent interest.

A year earlier during the same week of the year, interest rates averaged 4.23 percent.

For 15-year loans, the rate was unchanged from a week earlier at 3.38 percent to 3.37 percent with 0.7 points.

A year earlier, 15-year, fixed-rate mortgages averaged 3.66 percent.

Source: UPI