Mortgage rates at five-week low

Long-term mortgage rates moved lower again this week, hitting the lowest level in five weeks.

Freddie Mac's weekly report says the average 30-year, fixed-rate mortgage was 4.91 percent in the week ended Nov. 12, down from 4.98 percent last week. Rates on 30-year mortgages have been below 5 percent for five of the last seven weeks.

A year ago, 30-year mortgages were averaging 6.14 percent.

A 15-year, fixed-rate mortgage averaged 4.36 percent this week, remaining below one-year, adjustable-rate mortgages, which now average 4.46 percent.

Read Full Article from Bizjournals.com

- Posted: 2009-11-12 11:13:26

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