Mortgage rates ease a bit

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Long-term mortgage rates remain near the lowest in more than a year, with 30-year rates falling slightly in the week ending November 13.

Jeff Clabaugh

Broadcast/Web Reporter- Washington Business Journal

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Long-term borrowing costs are still near the lowest they've been in more than a year, and the average rate on a 30-year fixed-rate mortgage moved slightly lower this week.

Freddie Mac (OTC: FMCC) says the average rate on a 30-year fix was 4.01 percent in the week ending November 13, down from 4.02 percent last week. A year ago, 30-year rates averaged 4.35 percent.

A 15-year fix averaged 3.20 percent this week, down from 3.21 percent. A one-year adjustable rate mortgage averaged 2.43 percent, down from 2.45 percent.

Despite continued low rates, mortgage applications remain fairly flat.

The Mortgage Bankers Association says applications fell 0.9 percent last week, led by a 1.9 percent decline in applications to refinance an existing mortgage.

Jeff Clabaugh covers general assignment and provides business coverage for WTOP.