Mortgage rates fell this week for the first time in almost two months,
Freddie Mac reported Thursday.
The rate on a 30-year fixed mortgage averaged 3.93 percent, down from last week's 3.98 percent. Last year at this time, the rate averaged 3.66 percent.
The average rate on a 30-year loan rose more than half a point over the last seven weeks on improving economic reports and speculation that the Federal Reserve will end its efforts to keep rates low.
The 15-year mortgage rate averaged 3.04 percent this week, down from 3.1 percent last week. Last year at this point, the rate was 2.95 percent.
Frank Nothaft, Freddie Mac chief economist, said rates were relatively unchanged this week as the markets awaited the Fed's monetary policy announcement. The Fed said that the economy has been growing at a moderate pace, and affirmed the housing sector is has further strengthened.
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OCTOBER 31, 2014
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