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Article: Mortgage Rates Decline, Freddie Mac Says
- Article from:
- AP Online
- Article date:
- May 1, 2003
- Author:
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Dateline: WASHINGTON
Mortgage rates moved lower this week, good news for people thinking
about buying a home.
The average interest rate on a fixed-rate 30-year mortgage fell to
5.70 percent, Freddie Mac, the mortgage company, reported Thursday
in its weekly nationwide survey. This week's rate was down from 5.79
percent last week.
In the week ending March 14, right before the United States went to
war against Iraq, rates on 30-year mortgages declined to a record
low of 5.61 percent as jittery investors sought the safe havens of
bonds.
That rate was the lowest since Freddie Mac began tracking 30-year
mortgages in 1971. Records that reach back earlier indicate that the ...