Mortgage Rates fall for 5th week in a row
Rates on 30-year mortgages fell for a fifth consecutive week as both sales of both existing and new homes in July declined, confirming a cooling housing market.
The mortgage company Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.48 percent last week, down from 6.52 percent two weeks ago.
That was the lowest level for 30-year mortgages since they averaged 6.43 percent the week of April 6.
Mortgages had risen since then, hitting a more than four-year high of 6.8 percent the week of July 20 before falling in the past five weeks.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 6.18 percent last week, down from 6.20 percent two weeks ago.
For one-year adjustable-rate mortgages, rates dipped to 5.6 percent from 5.65 percent two weeks ago.
Rates on five-year adjustable-rate mortgages declined to 6.14 percent last week from 6.18 percent two weeks ago.
The mortgage company Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.48 percent last week, down from 6.52 percent two weeks ago.
That was the lowest level for 30-year mortgages since they averaged 6.43 percent the week of April 6.
Mortgages had risen since then, hitting a more than four-year high of 6.8 percent the week of July 20 before falling in the past five weeks.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 6.18 percent last week, down from 6.20 percent two weeks ago.
For one-year adjustable-rate mortgages, rates dipped to 5.6 percent from 5.65 percent two weeks ago.
Rates on five-year adjustable-rate mortgages declined to 6.14 percent last week from 6.18 percent two weeks ago.
