Mortgage rates drop amid easing inflation
WASHINGTON — Mortgage rates around the country fell this week, with rates on 30-year mortgages sinking to their lowest level in 10 months.
Mortgage company Freddie Mac reported Wednesday that 30-year fixed-rate mortgages averaged 6.18 percent for the week ending Nov. 22. That's down from 6.24 percent last week and the lowest rate since the 6.12 percent in the week ending Jan. 26.
It marked the second week in a row that mortgage rates have dropped, and economists attribute that to easing inflation pressures. Inflation is calming amid stabilizing energy prices, slower overall economic activity and the housing slump.
All categories of mortgage rates surveyed by Freddie Mac showed declines this week.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 5.91 percent. That's lower than last week's 5.94 percent.
One-year adjustable-rate mortgages fell to 5.49 percent, compared with 5.53 percent last week.
Five-year adjustable rate mortgages dropped to 5.99 percent, from 6.04 percent last week.
The rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried a nationwide average fee of 0.5 point; one-year and five-year ARMs were at 0.6 point.