MCLEAN, Va. -- A weak job market-described by some as the worst market in 14 years for job seekers-has caused interest rates to decline.
The 30-year fixed-rate mortgage interest rate averaged 6.20% plus an average 0.7 points paid at closing for the week ending Nov. 6, down from the previous week when it averaged 6.46%, according to Freddie Mac's primary mortgage market survey. Last year at this time, the 30-year, fixed mortgage averaged 6.24%.
The 15-year, fixed-rate mortgage this week averaged 5.88% with an average 0.7 points, down from the previous week when it averaged 6.19%. A year ago at this time, the 15-year, fixed mortgage averaged 5.90%.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 6.19% for the week ending Nov. 6, with an average 0.6 points paid at closing, down from last week when it averaged 6.36%. A year ago, the five-year ARM averaged 5.89%.
One-year Treasury-indexed ARMs averaged 5.25% the week ending Nov. 6, plus an average 0.4 points, down from last week when it averaged 5.38%. At this time last year, the one-year ARM averaged 5.50%.
Freddie Mac's chief economist attributed the across-the-board decline to the ailing job market and falling consumer spending.
