Mortgage rates continue to slip
Fixed 30-year rate falls to 6.24% following the Fed's recent move to cut rates, a weekly report shows.
NEW YORK (CNNMoney.com) -- Mortgage rates eased in response to the Federal Reserve's decision to cut interest rates, Freddie Mac reported Thursday.
The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 6.24 percent for the week ended Nov. 8, down from 6.26 percent last week.
Current Mortgage Rates |
| Type | Overall avgs |
|---|---|
 | |
| 30 yr fixed mtg | 5.97% |
| 15 yr fixed mtg | 5.55% |
| 30 yr fixed jumbo mtg | 6.58% |
| 5/1 ARM | 5.53% |
| 5/1 jumbo ARM | 5.99% |
| |
| | |
The 30-year rate has not been this low since the week ending May 17, 2007.
Last year at this time, 30-year mortgage rates averaged 6.33 percent.
"Reports of weaker consumer spending in September and a decline in manufacturing activity in October kept mortgage rates at bay this week," said Frank Nothaft, chief economist of Freddie Mac (Charts, Fortune 500).
"Rates for long-term mortgages were little changed while rates for ARMs fell following the Federal Reserve's interest-rate cut," he added.
In its latest report, Freddie Mac said rates on 15-year fixed-rate loans averaged 5.90 percent in the latest week, down from 5.91 percent last week. A year ago, the 15-year rate averaged 6.04 percent.
Five-year adjustable-rate mortgages (ARMs) averaged 5.89 percent this week, down from 5.98 percent last week. A year ago, the 5-year ARM averaged 6.08 percent.
One-year ARMs averaged 5.50 percent this week, down from 5.57 percent last week. They were at 5.55 percent this time last year. 
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