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Rates Fall for Fifth Consecutive Week

The 30-year fixed rate mortgage is now at the lowest level since Jan. 26 of this year at 6.14% from 6.18 a week ago according to Freddie Mac.Â

The 15-year, fixed-rate mortgage is now at the lowest level since Feb. 2, 2006Â at 5.87 percent, down from 5.91 percent last week but up slightly from 5.81 percent a year ago.

“Mortgage rates drifted lower this week, bringing long-term rates to levels below those of this time last year,” says Frank Nothaft, Freddie Mac vice president and chief economist. “Mortgage applications for home purchases in November have remained healthy, largely because of the drop in mortgage rates and a softening in home prices in some areas.”

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