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STOCKS NEWS US-Mortgage rates fall in latest week: Freddie Mac
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1026 ET 02July2009-Mortgage
rates fall in latest week: Freddie Mac (NYSE: FRE - news)
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Interest rates on U.S. 30-year fixed-rate mortgages dropped 0.10
percentage point in the latest week, a move that bodes well for the hard-hit
U.S. housing market, according to a survey released on Thursday by home funding
company Freddie Mac.
Interest rates on the 30-year fixed-rate mortgage averaged 5.32 percent,
with an average 0.7 point, for the week ending July 2. That was down from the
previous week's 5.42 percent, but significantly higher than the record low of
4.78 percent set the week ending April 2. Freddie Mac started the Primary (PYC.V - news)
Mortgage Market Survey in 1971.
'Lower mortgage rates are helping to support the housing market,' Frank
Nothaft, Freddie Mac vice president and chief economist, said in a statement.
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