30-year-mortgage Rate Falls To 4.12%

The average rate for a 30-year fixed-rate mortgage fell to 4.12% in the week that ended Oct. 9, hitting the lowest rate in a month, from the prior week's reading of 4.19%, according to a Thursday report from federally controlled mortgage-buyer Freddie Mac . "Fixed mortgage rates were down on a week filled with bleak forward projections from the Federal Reserve and concern over growth in Europe," said Frank Nothaft, Freddie's chief economist. A year ago, the 30-year rate was at 4.23%. The average rate for the 15-year fixed-rate mortgage fell to 3.30% in the latest week from 3.36% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage declined to 3.05% from 3.06%. The rate for a 1-year Treasury-indexed ARM remained at 2.42%.