Home Mortgage Rates Fell in Latest Week

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Home Mortgage Rates
Fell in Latest Week

From Dow Jones Newswires

Home mortgage rates fell slightly in the past week, as the Federal Reserve signaled it might consider ending its lengthy campaign of interest-rate boosts sooner rather than later, said Freddie Mac, the housing finance agency.

The average for 30-year fixed rates for the week ended Dec. 15 was 6.30%, down from 6.32% a week earlier. One year ago, the rate was 5.68%.

The average for 15-year fixed-rate mortgages was 5.85%, down from 5.87% a week ago, but up from the year-ago 5.11%. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.77%, down slightly from 5.78% a week ago. One-year Treasury-indexed ARMs were down slightly from last week at 5.15%. A year ago, the rate was 4.18%.

Financial markets had been "a little anxious about what language" the Fed would use in its statement, said Frank Nothaft, Freddie Mac chief economist. When the Fed signaled that its rate increases may be ending, "the financial market breathed a sigh of relief, and rates eased somewhat."

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-- December 19, 2005