Mortgage Rates Decline Slightly
The average rate for a 30 year fixed-rate mortgage dropped a bit this week despite the release of an economic report that showed less weakness that expected in the overall US economy. Signs of economic strength usually send mortgage rates higher, but such was not the case in this instance.
Freddie Mac reported that the interest rate for a 30 year fixed-rate mortgage averaged 5.22 percent, down from 5.25 percent the week before.
Last summer, 30-year fixed rate mortgages averaged approximately 6.5 percent.
Rates on 30-year mortgages had dropped to a record low of 4.78 percent earlier in 2009.
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