CHICAGO (MarketWatch) -- Weak economic conditions, as borne out by recent indicators, caused mortgage rates to drop this week, with the 30-year fixed-rate mortgage falling to its lowest level since September 2005, Freddie Mac reported Thursday.
The recent movement in rates has inspired more homeowners to refinance in recent weeks, said Frank Nothaft, chief economist at McLean, Va.-based Freddie Mac.
The rate on a 30-year mortgage averaged 5.87%, down from 6.07% last week, according to Freddie Mac's weekly survey. The 30-year's average rate was 6.21% a year ago.
The 15-year fixed-rate mortgage averaged 5.43%, down from 5.68% last week and from 5.96% a year ago.
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