Mortgage rates continued to ease during the week ended November 12 according to information released this morning by Freddie Mac.

The average rate for a 30-year fixed-rate mortgage was 4.91 percent with 0.7 point according to the results of the weekly Primary Mortgage Market Survey.  Last week the average was 4.98 percent also with 0.7 point.  The 30-year FRM has had an average rate below 5 percent for five out of the last seven weeks.

The 15-year FRM averaged 4.36 percent with 0.6 point, down from 4.40 percent with 0.6 point during the previous week.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) dropped 6 basis points to 4.29 percent.  Fees and points were unchanged at 0.6 point.

One-year Treasury-indexed ARMs were down slightly to an average of 4.46 percent from last week's average of 4.47 percent.  Fees and points increased from 0.5 point to 0.6 point.

Frank Nothaft, Freddie Mac vice president and chief economist said in a statement released by the corporation that, "Mortgage rates eased further over the week, helping to promote an affordable home-purchase market and stimulate refinance. This comes at a time when house price declines are moderating and consumer demand for prime mortgages at commercial banks has picked up.

"The National Association of Realtors® reported that (the) national median sales price of existing homes fell 11.2 percent in the third quarter relative to the same period last year.  Moreover, almost 20 percent of the top metropolitan areas experienced positive annual growth, compared to only about 12 percent in the first quarter of this year."

Fannie Mae reported earlier in on its yields for the week ended November 6.  There was very little change from the previous week.

The 30 year FRM had an average yield of 4.72 percent, only one basis point higher than reported during the week ended October 30.  The 15-year FRM was unchanged at 4.07 percent as were government guaranteed FHA and VA rates which remained at 5.52 percent.  The one-year ARM was up slightly from 2.91 percent to 2.93 percent.

All Fannie Mae yields are reported net of servicing fees.