Mortgage Rates create optimism
Mortgage rates around the country fell last week, with rates on 30-year mortgages dipping to the second-lowest level of the year, pushed down by further signs of economic weakness.
Freddie Mac reported that 30-year, fixed-rate mortgages averaged 6.11 percent, down from 6.14 percent the previous week. The only time rates have been lower this year was the week of Jan. 19, when the 30-year mortgage dipped to 6.1 percent.
It marked the fourth straight weekly decline in rates, a development that economists attributed to easing inflation pressures as the overall economy slows, held back by a steep drop in housing construction and sales.
Rates on 30-year mortgages have been declining since they peaked at 6.8 percent in late July.
Freddie Mac reported that 30-year, fixed-rate mortgages averaged 6.11 percent, down from 6.14 percent the previous week. The only time rates have been lower this year was the week of Jan. 19, when the 30-year mortgage dipped to 6.1 percent.
It marked the fourth straight weekly decline in rates, a development that economists attributed to easing inflation pressures as the overall economy slows, held back by a steep drop in housing construction and sales.
Rates on 30-year mortgages have been declining since they peaked at 6.8 percent in late July.
