Freddie Survey Finds Rates Under 5%

A slight drop in the average weekly rate for 30-year conforming mortgages to a point slightly below the key 5% level could spur more interest in housing loans. During the week ended Nov. 5 the rate inched down to 4.98% from 5.03% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. A year ago the 30-year rate averaged 6.20%. The average rate for a15-year fixed-rate mortgage fell to 4.4% from 4.46% a week ago and from 5.88% a year ago. The average rate for a five-year Treasury indexed hybrid adjustable-rate mortgage slid to 4.35% from 4.42% a week ago and from 6.19% a year ago. The average one-year Treasury ARM rate declined to 4.47% from 4.57% the previous week and 5.25% a year ago. Average points were 0.7 for 30-year mortgages, 0.6 for 15-year mortgages and five-year Treasury hybrids and 0.5 for one-year Treasury ARMs.