Mortgage rates continue to slip

NEW YORK (CNNMoney.com) -- Mortgage rates eased in response to the Federal Reserve's decision to cut interest rates, Freddie Mac reported Thursday.

The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 6.24 percent for the week ended Nov. 8, down from 6.26 percent last week.

Current Mortgage Rates

Type	Overnight avgs

30 yr fixed mtg	6.26%
15 yr fixed mtg	5.77%
30 yr fixed jumbo mtg	7.36%
5/1 ARM	5.92%
5/1 jumbo ARM	6.44%
Find personalized rates:

The 30-year rate has not been this low since the week ending May 17, 2007.

Last year at this time, 30-year mortgage rates averaged 6.33 percent.

"Reports of weaker consumer spending in September and a decline in manufacturing activity in October kept mortgage rates at bay this week," said Frank Nothaft, chief economist of Freddie Mac (Charts, Fortune 500).

"Rates for long-term mortgages were little changed while rates for ARMs fell following the Federal Reserve's interest-rate cut," he added.

In its latest report, Freddie Mac said rates on 15-year fixed-rate loans averaged 5.90 percent in the latest week, down from 5.91 percent last week. A year ago, the 15-year rate averaged 6.04 percent.

Five-year adjustable-rate mortgages (ARMs) averaged 5.89 percent this week, down from 5.98 percent last week. A year ago, the 5-year ARM averaged 6.08 percent.

One-year ARMs averaged 5.50 percent this week, down from 5.57 percent last week. They were at 5.55 percent this time last year.