30-year mortgage rates fall to 4.11%

WASHINGTON -- The average rate on the 30-year fixed mortgage was nearly unchanged this week after rising sharply last week.

Freddie Mac said Thursday that the rate on the 30-year loan edged down to 4.11 percent from 4.12 percent last week. The week before, it fell to 3.94 percent, the lowest rate ever, according to the National Bureau of Economic Research.

The average rate on the 15-year fixed mortgage ticked up to 3.38 percent from 3.37 percent. It hit a record-low of 3.26 percent two weeks ago.

Low rates have done little to revive the lagging housing market, which has struggled with weak sales and declining prices. Many can't qualify for loans because their credit is weak or they can't afford a down payment. Most of those who can afford to refinance have.

The number of Americans buying used homes fell in September and is on pace to match last year's dismal figures — the worst in 13 years.

The National Association of Realtors said Thursday that home sales fell 3 percent last month to a seasonally adjusted annual rate of 4.91 million homes. That's below the 6 million that economists say is consistent with a healthy housing market.

Sales of new homes are on pace to finish the year as the lowest on records dating back a half-century. Prices have been sliding because the market is flooded with houses being sold in foreclosure.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rate for a one-year adjustable-rate mortgage rose to 2.94 percent. It fell last month to 2.81 percent, the lowest dating back to 1984.

Average fees on one-year and five-year loans were unchanged at 0.6 point.