30-year mortgage rates fall to 6.07%
By Martin Crutsinger
Associated Press
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WASHINGTON — Rates on 30-year mortgages fell to the lowest level in a month as investors found new reasons to worry about a possible recession.
Freddie Mac, the mortgage company, reported that 30-year fixed-rate mortgages averaged 6.07 percent this week.
That was down from 6.17 percent last week and was the lowest level for 30-year mortgages since the week of Dec. 6 when they fell to a two-year low of 5.96 percent. That marked the only time that the 30-year mortgage was below 6 percent last year.
Analysts attributed the decline in part to some weaker-than-expected economic reports. The Institute for Supply Management reported that its closely watched gauge of manufacturing activity dipped to the lowest level in nearly five years.
Other types of mortgage rates also experienced declines this week, according to the Freddie Mac survey.
Rates on 15-year mortgages, a popular choice for refinancing, dropped to 5.68 percent this week, down from 5.79 percent last week. Rates on five-year adjustable-rate mortgages declined to 5.78 percent, compared to 5.90 percent last week. Rates on one-year ARMs fell to 5.47 percent, down from 5.53 percent last week.
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