California Mortgage Rates Down Last 3 Weeks

Rates on 30-year, fixed-rate mortgages averaged 6.04 percent, down from 6.14 percent a week earlier. Last year at this time, the 30-year rate averaged 6.20 percent.

 

Fifteen-year mortgage rates dropped to 5.73 percent from 5.81 percent the prior week. A year ago, they averaged 5.83 percent.

Rates on five-year hybrid adjustable- rate mortgages (ARMs) averaged 5.87 percent last week, down from 5.98 percent the week before. At this time last year, the five-year ARM averaged 5.88 percent.

One-year ARMs averaged 5.29 percent last week, down from 5.33 percent. The one-year ARM averaged 5.42 percent a year ago.

Fees and points in California averaged .8 percent on fixedrate mortgages and .6 percent on ARMs.

“Long- and short-term mortgage rates fell for the third consecutive week amid continuing signs of a slowing economy,” said Frank Nothaft, Freddie Mac vice president and chief economist.

“Retail sales fell for the fourth straight month in October and consumer sentiment remained near a 28-year low in November.

“In fact, the Federal Reserve during its October 28-29 committee meeting lowered its economic growth forecasts for 2008 and 2009, according to its minutes released this week.”

In a separate survey released on Wednesday, the Mortgage Bankers Association reported that mortgage applications fell a seasonally adjusted 6.2 percent last week.