Monday, July 13, 2009

Morgage rates down this week

Mortgage Rates Down This Week Amid Concerns Over Labor Market, an article from Realty Times, reports that the 30-year fixed-rate mortgage averaged 5.20% with an average 0.7 point for the week ending July 9, 2009, according to Freddie Mac's Primary Mortgage Market Survey. Last week, it averaged 5.32%, and a year ago it was 6.37%. “Interest rates for 30-year fixed-rate mortgages fell for the second week in a row to the lowest level in six weeks amid market concerns over a weakening labor market,” said Frank Nothaft, Feddie Mac vice president and chief economist.