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Mortgage rates continued to decline by baby steps as reported by Freddie Mac in its Primary Mortgage Market Survey. The 30- year fixed-rate mortgage (FRM) averaged 6.20 percent with 0.5 point during the week ended November 21. The previous week it averaged 6.24 percent with 0.4 point. One year ago the 30-year averaged 6.18 percent.

The Weekly Mortgage Applications Survey conducted by the Mortgage Bankers Association for the week ended November 23 showed a strange pattern in interest rate changes...

Long term mortgage rates during the previous week did not respond at all to the drop in the Federal Funds Rate announced by the Federal Reserve a little over a week earlier according to Freddie Mac's Primary Mortgage Market Survey (PMMS). Shorter term rates did decline several basis points.

"Consistent with the direction of 10-year Treasury securities, average rates on 30-year fixed-rate mortgages drifted up in the past week to levels close to those at the beginning of the month," said Frank Nothaft, Freddie Mac vice president and chief economist. "Also...

Nationally the situation is not as dire as these figures would indicate. The figures are being driven by what is happening in a few large states and by adjustable rate mortgages, both prime and subprime.

"What continues to drive the national numbers, however, is what is happening in the states of California, Florida, Nevada and Arizona. Were it not for the increases in foreclosure starts in those four states, we would have seen a nationwide drop in the rate of foreclosure filings...

"Interest rates on prime conforming fixed-rate mortgages eased further in the past week, according to the Primary Mortgage Market Survey, even though other sources such as HSH Associates reported that jumbo fixed rates increased by a quarter percent or more last week," said Frank Nothaft, Freddie Mac vice president and chief economist.

"Freddie Mac reported that the amount of home equity cashed out through refinancing totaled...