30-Year Rate Hits Lowest Level Since January

The average 30-year fixed mortgage rate fell to 6.18% in the week of Nov. 22 from 6.24% the week before, according to Freddie Mac's Primary Mortgage Market Survey.A year earlier, the 30-year average was 6.28%. The average 15-year fixed mortgage rate fell three basis points to 5.91% and the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.99%, down five basis points from the week before. Freddie Mac noted that the 30-year average rate is at its lowest level since January 26, 2006. Freddie Mac chief economist Frank Nothaft, noting that housing starts fell sharply in October. "Slower growth usually means less inflation and less inflation means lower interest rates," he noted.