Industries Banking/Finance

Mortgage rates fall on weak economic news

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Mortgage rates fell this week on reports of weak manufacturing growth and declines in the consumer price index and inflation, according to McLean-based Freddie Mac.

The average 30-year, fixed-rate mortgage was 4.22 percent with an average 0.7 point, down from last week when it averaged 4.35 percent. A year ago, the average 30-year rate was 3.31 percent.

The average 15-year, fixed-rate mortgage fell to 3.27 percent this week from 3.35 percent last week. The average 15-year, fixed-rate mortgage was 2.63 percent at this time last year.

“Industrial production slipped by 0.1 percent in October, below the market consensus forecast of a 0.2 percent gain,” Freddie Mac Chief Economist Frank Nothaft said in a statement. “The consumer price index also unexpectedly fell during the month. On an annual basis, consumer prices are up 1 percent, the smallest increase since October 2009."

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