Mortgage loan rates have fallen a quarter of a point over the past six weeks. Yippee!
RATES THIS WEEK: In Bankrate’s weekly mortgage rate survey, conducted every Wednesday, the average rate on a 30-year, fixed-rate mortgage fell 10 basis points, to 6.12 percent.
Freddie Mac’s weekly survey says the average 30-year fixed fell 5 basis points, to 6.1 percent. Bankrate’s and Freddie’s surveys use different methodologies and usually result in similar numbers, as they did this week.
Frank Nothaft, Freddie’s chief economist, says, “Over the last six weeks, long-term mortgage rates have dropped nearly a quarter of a percent in the face of little or no inflationary pressures. Our outlook for the housing industry continues to be that mortgage rates will remain affordable for the rest of the year at least, keeping the industry alive and well into the foreseeable future.”
Complete article: Mortgage Matters – by Holden Lewis, Bankrate.com