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%.
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