Mortgage rates reach 3-month low
Long-term rates pressured by light inflation, expected to stay affordable for the rest of the year.
NEW YORK (CNNMoney.com) - Long-term mortgage rates fell last week, pushed down by signs of easing inflation, with rates on the 30-year loan now the lowest since late October. The average rate for 30-year fixed-rate mortgages dropped to 6.10 percent, from 6.15 percent in the prior week, a Freddie Mac survey said.
In the year-ago period, the 30-year mortgage averaged 5.67 percent. The average rate on 15-year fixed-rate mortgages fell to 5.67 percent from last week's average of 5.71 percent. A year ago, the loan averaged 5.15 percent. Five-year adjustable-rate mortgages averaged 5.75 percent, down slightly from 5.76 percent the previous week. In the year-ago period, the five-year averaged 5.05 percent. One-year adjustable-rate mortgages averaged 5.18 percent, compared to 5.15 percent from the week before. At this time last year, the one-year loan averaged 4.11 percent. "Over the past six weeks, long-term mortgage rates have dropped nearly a quarter of a percent in the face of little or no inflationary pressures," said Frank Nothaft, Freddie Mac vice president and chief economist. "Our outlook for the housing industry continues to be that mortgage rates will remain affordable for the rest of the year at least." ____________________________ |
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