Mortgage rates fall for 5th straight week

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.

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