|
Mortgage rates dip again
|
 |
September 30, 1999: 3:18 p.m. ET
In fourth decline in a row, 30-year mortgage hits lowest level in two months
|
NEW YORK (CNNfn) - Mortgage rates dipped again, making this the fourth consecutive week of declines, according to a survey released Thursday by the Federal Home Mortgage Corp., or Freddie Mac.
The rate on a 30-year, fixed-rate mortgage averaged 7.70 percent for the week ending Oct. 1, down from 7.76 percent. That's the lowest rate in two months, Freddie Mac said. Still, it's more than a percentage point above the rate a year ago, when the 30-year fixed was pegged at 6.60 percent.
The average for a 15-year fixed-rate mortgage also moved lower, down to 7.35 percent from 7.40 last week. And adjustable-rate mortgages eased too. The average one-year adjustable rate mortgage is at 6.12 percent, down from 6.19 a week ago.
(Click here to see a breakdown of average mortgage rates by U.S. region.)
Economists expect fixed-rate mortgages to hover between 7.75 percent and 8 percent for the rest of the year. But demand in the housing industry remains strong despite higher rates than a year ago. "All indications point to another record year for sales," said Robert Van Order, Freddie Mac's chief economist. September's new-home sales, released Thursday, were at near-record levels, he pointed out.
|
|
|
|
|
 |
|
