Mortgage rates have fallen to lows not seen in five months, according to the latest weekly report from Freddie Mac. The average interest for 30-year fixed loans was 6.26 percent, compared to 6.33 percent a week ago; and this was the lowest level since rates averaged 6.21 percent during the week of May 17.
"Continued market concerns about weaker economic growth and further declines in the housing market have kept mortgage rates low over the last few weeks," according to Frank Nothaft, chief economist at the mortgage finance giant.
Also, rates on 15-year fixed products fell to 5.91 percent from 5.99 percent last week; rates on five-year adjustable rate mortgages declined to 5.98 percent from 6.03 percent; and rates on one-year ARMs slipped to 5.57 percent from 5.66 percent a week ago.
Source: Chicago Sun-Times, Martin Crutsinger (11/02/07)
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