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Article: 30-Year Mortgages Rates Decline
- Article from:
- AP Online
- Article date:
- January 24, 2008
- Author:
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Rates on 30-year mortgages dropped for a fourth straight week to the lowest level in nearly four years, raising hopes that low rates will help spur a rebound in the hard-hit housing industry.
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.48 percent this week, down from 5.69 percent last week.
It was the fourth consecutive decline and the third straight week that rates have been below the 6 percent level. The new rate marked the lowest point for 30-year mortgages since they averaged 5.40 percent the week of March 25, 2004.
Economists attributed the decline to further weak news on the economy combined with the biggest ...