Mortgages still declining

Mortgages still declining

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Long-term mortgage rates fell for the fourth consecutive week, amid weaker housing data, with 30-year rates falling to a two-and-a-half month low.

Freddie Mac says 30-year fixed-rate mortgages averaged 4.23 percent in the week ending Feb. 6, down from 4.32 percent last week. A 15-year fix averaged 3.33 percent this week, down from 3.40 percent.

One-year adjustable-rate mortgages averaged 2.51 percent, down from 2.55 percent last week.

The National Association of Realtors said pending sales of existing homes in December fell to the lowest level since October 2011.

Even so, home prices continue to rise.

Real estate data firm CoreLogic this week reported average home prices nationwide in December were up 11 percent from a year earlier, the 22nd consecutive monthly year-over-year increase, and the biggest annual increase since 2005.

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