Industry NewsMortgage

Mortgage rates down on economic news

Real estate brief
Published on Sep 4, 2008

Rates for 30-year fixed-rate mortgages for the week ending Sept. 4 averaged 6.35 percent with an average 0.7 point, down from 6.4 percent last week and 6.46 percent a year ago, Freddie Mac said in its weekly Primary Mortgage Market Survey. Mortgage rates eased following release of economic data that suggested consumer spending may slow, said Frank Nothaft, Freddie Mac vice president and chief economist. "The economy grew at an upwardly revised 3.3 percent pace in the second quarter, boosted by the smallest trade deficit in eight years, and residential fixed investment slowed growth by 0.6 percent, the least amount since the same period a year ago," Nothaft said. "However, personal income fell 0.7 percent in July, the first decline since August 2005, and will likely slow consumer spending in the third quarter." The 15-year fixed-rate mortgage averaged 5.9 percent with an average 0.6 point, down from 5.93 percent a week ago and 6.15 percent a year ago...

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