Freddie Survey Finds Rates at Five Week Low Point

The average rate for a 30-year fixed-rate mortgage has dropped to its lowest level in five weeks, according to the most recent Freddie Mac Primary Mortgage Market Survey. "This comes at a time when house price declines are moderating and consumer demand for prime mortgages at commercial banks has picked up," said Frank Nothaft, Freddie Mac vice president and chief economist. The average 30-year FRM rate during the week ended Nov. 12 was 4.91%, down from 4.98% the week before and from 6.14% a year ago. The average 15-year FRM rate was 4.36%, down from 4.40% last week and 5.81% a year ago. The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage was 4.29%, down from 4.35% last week and 5.98% a year ago. The average one-year Treasury ARM rate was 4.46%, down from 4.47% a week ago and 5.33% a year ago. Average points were 0.7 for 30-year FRMs and 0.6 for the three other types of loans.