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Washington
Market issues drop average mortgage rates
WASHINGTON (10/31/11)--Average rates on 30- and 15-year fixed rate mortgages fell last week amid concerns over the European debt market, Freddie Mac reported.

Thirty-year mortgages averaged 4% during the week ended Nov. 3. The average rate stood at 4.1% during the previous week, and 4.24% this time last year. Fifteen-year mortgages fell to 3.31%, ending a two-week stretch during which they held at 3.38%. Those types of mortgages averaged 3.63% this time last year.

Freddie Mac Chief Economist Frank Nothaft said the U.S. economy continued a gradual recovery, but added that market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates.

Five-year and one-year Treasury indexed hybrid adjustable-rate mortgages (ARMs) also fell last week, averaging 2.96% and 2.88%, respectively. Five-year ARMs average 3.08% last week, and one-year ARMs averaged 2.9%.

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