Mortgage rates are down across board economy slowing
By Martin Crutsinger
Associated Press
WASHINGTON — Rates on 30-year mortgages fell to the lowest level in five months as evidence mounted that the economy is slowing down.
Mortgage company Freddie Mac reported yesterday that 30-year, fixed-rate mortgages dipped to 6.26 percent this week, down from 6.33 percent last week.
It was the lowest level since 30-year mortgages were at 6.21 percent the week of May 17.
Analysts attribute this week's decline to further evidence that the steep slump in housing is getting worse and other parts of the economy are slowing as well.
"Continued market concerns about weaker economic growth and further declines in the housing market have kept mortgage rates low over the last few weeks," said Frank Nothaft, the chief economist at Freddie Mac.
Mortgage rates fell across the board this week.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 5.91 percent, down from 5.99 percent last week.
Rates on five-year adjustable rate mortgages averaged 5.98 percent, down from 6.03 percent last week.
Rates on one-year ARMs dropped to 5.57 percent, down from 5.66 percent last week.