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Colorado home mortgage rates continue to sink this week, reaching 4.54 percent on a 30-year fixed loan Wednesday, according to Zillow Mortgage Marketplace.

Rates averaged 4.62 percent last week, 4.66 percent the week of Nov. 9 and 4.77 percent the week of Nov. 2, Zillow reported.

Zillow says its figures on mortgage rates are based on borrower credit scores over 680 and a down payment of 20 percent or more.

The average 30-year fixed nationwide rate was 4.57 percent Wednesday, Zillow said.

Separately, Freddie Mac calculated average 30-year fixed mortgage rates nationwide at 4.78 percent with an average 0.7 points for the week ending Wednesday, the lowest rate since April 30. Freddie Mac calculates average rates for a broader range of credit scores and down payments.

The average 30-year fixed rate was 4.83 percent last week. A year ago, it was 5.97 percent, Freddie Mac said.

Low rates and the homebuyer tax credits, continue to get much of the credit for a rebound in housing sales.

The Commerce Department Wednesday reported sales of new homes rose a better-than-expected 6.2 percent in October, although they slipped in the western states, including Colorado. (DBJ report.)

The National Association of Realtors says sales of existing homes surged 10.1 percent last month. (DBJ report.)

And a Metrolist Inc. report on Nov. 6 said that in the Denver metro area, home resales increased 2.9 percent in October from September, but were down 7.6 percent from October of last year. (DBJ report.)

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