Long-term mortgage rates declined for the fourth consecutive week, according to Freddie Mac’s weekly mortgage survey.

Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.66 percent for the week ended today, down slightly from last week when it averaged 5.67 percent. The average for the 15-year fixed-rate mortgage this week is 5.14 percent, down from last week when it averaged 5.15 percent. Points on both the 30- and 15-year averaged 0.6.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.02 percent this week, with an average 0.6 points, down from 5.05 last week. There is no historical information for last year since Freddie Mac began tracking this mortgage rate at the start of this year.

The one-year Treasury-indexed adjustable-rate mortgage averaged 4.18 percent this week, with an average 0.8 point, up from last week when it averaged 4.11 percent.

“Until the market gets a better read of how the economy performed at the end of last year and how the Fed interprets that information, interest rates will likely remain calm,” said Frank Nothaft, Freddie Mac vice president and chief economist. “And it should get that read when fourth-quarter Gross Domestic Product is released tomorrow.

“Further, the Fed will release its policy statement next week, giving financial markets a better sense of what future actions the Fed may be contemplating. All of this will help determine where mortgage rates will be in the near future.”

The following is a sampling of Bankrate’s average 30-year-mortgage interest rates this week in some U.S. metropolitan areas.

New York – 5.74 percent with 0.08 point

Los Angeles – 5.75 percent with 0.52 point

Chicago – 5.69 percent with 0.11 point

San Francisco – 5.76 percent with 0.34 point

Philadelphia – 5.56 percent with 0.27 point

Detroit – 5.61 percent with 0.25 point

Boston – 5.72 percent with no points

Houston – 5.7 percent with 0.72 point

Dallas – 5.69 percent with 0.42 point

Washington, D.C. – 5.55 percent with 0.59 point

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect Black Friday Sale! Bundle our next two events or secure your 2021 All Access Pass.SEE THE DEALS×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription