Mortgage rates dropped again this week, prompted by more indications of economic weakness, Freddie Mac said Thursday.
The nationwide average rate for a 30-year fixed-rate mortgage for the week that ended Nov. 13 dropped 6 basis points from a week earlier and 10 basis points from a year earlier, to 6.14%, according to Freddie's weekly survey.
The average rate for a 15-year fixed-rate loan declined 7 basis points from both a week earlier and a year earlier, to 5.81%.
The average rate for a one-year Treasury-indexed ARM rose 8 basis points from a week earlier but dropped 17 basis points from a year earlier, to 5.33%.
To obtain the rates, the fixed-rate mortgages required an average payment of 0.7 points and the ARM required an average of 0.5 points. A point is 1% of the total mortgage amount, charged as prepaid interest.