Mortgage rates end 13-week rise In the latest week, 30-year at 6.28%, 15-year hits 5.81%; ARMs also lower as inflation fears ease. November 23, 2005: 11:42 AM EST
Mortgage Rates
30 yr fixed mtg
5.13%
15 yr fixed mtg
4.70%
30 yr fixed jumbo mtg
6.06%
5/1 ARM
4.30%
5/1 jumbo ARM
4.87%
NEW YORK (CNN/Money) -
Mortgage rates fell for the first time in 13 weeks as inflation fears eased.
The average rate on 30-year fixed-rate mortgages dropped to 6.28 percent, from last week's 6.37 percent, a Freddie Mac survey said.
In the year-ago period, the 30-year mortgage averaged 5.72 percent.
The average rate on 15-year fixed-rate mortgages fell to 5.81 percent, down from last week's 5.90. A year ago, the loan averaged 5.15 percent.
Five-year adjustable-rate mortgages averaged 5.75 percent, compared to 5.86 percent the previous week. There is no data available for a year-to-year comparison because Freddie Mac only began tracking the 5-year loans this year.
One-year adjustable-rate mortgages averaged 5.14 percent, down from 5.20 percent the week before. At this time last year, the one-year loan averaged 4.27 percent.
"Lower oil prices -- at least compared to the last several months -- have helped to alleviate some of the inflation fears that the market has been experiencing lately," said Frank Nothaft, Freddie Mac vice president and chief economist.
"That helped to reduce upward pressure on interest rates last week, allowing mortgage rates to ease a bit for the first time in 13 weeks.
"This should be a quiet week as the nation officially begins the holiday season, but next week existing and new home sales figures, which are expected to be lower, will be released. Consumer Confidence for November, which is expected to be up, will also come out next week. And these figures may well influence the direction of mortgage rates over the next few weeks," Nothaft added.
