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Mortgage rates fall to 4.22 percent for 30-year loan

Mortgage rates decline after two weeks of increases. Average mortgage rates for 15-year loan fall to 3.27 percent.

Average U.S.聽rates聽on fixed聽mortgages聽declined this week after two weeks of increases, keeping home-buying affordable.

惭辞谤迟驳补驳别听产耻测别谤 Freddie Mac said Thursday that the average聽rate聽on the 30-year loan fell to 4.22 percent from to 4.35 percent last week. The average on the 15-year fixed聽mortgage聽dipped to 3.27 percent from 3.35 percent.

Rates聽had spiked over the summer and reached a two-year high in July on speculation that the Federal Reserve would slow its bond purchases later this year. But the Fed held off in September and now appears poised to wait at least a few more months to see how the economy performs. The bond purchases are intended to keep long-term interest聽rates聽low.

Mortgage聽rates聽tend to follow the yield on the 10-year Treasury note. They have stabilized since September and remain low by historical standards.

Still,聽mortgage聽rates聽are nearly a full percentage point higher than in the spring. The uptick has contributed to a slowdown in home sales. The National Association of Realtors said sales of existing homes fell 3.2 percent in October, the second straight monthly decline.

To calculate average聽mortgage聽rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest聽rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year聽mortgage聽was unchanged at 0.7 point. The fee for a 15-year loan also was steady at 0.7 point.

The average聽rate聽on a one-year adjustable-rate聽mortgage聽held at 2.61 percent. The fee was unchanged at 0.4 point.

The average聽rate聽on a five-year adjustable聽mortgage聽fell to 2.95 percent from 3.01 percent. The fee rose to 0.5 point from 0.4 point.