The 30-year fixed-rate mortgage dropped below 6% on average this week, a seven-week low for the mortgage, according to Freddie Macs weekly survey, released on Wednesday. The mortgage averaged 5.97% for the week ending Nov. 26, down from last weeks 6.04% average. The 30-year mortgage averaged 6.10% a year ago; it hasnt been lower since Oct. 9, when it averaged 5.94%. Interest rates for 30-year fixed-rate mortgages fell for the fourth consecutive week as signs the overall economy is flagging lowered most interest rates market-wide, said Frank Nothaft, Freddie Mac chief economist, in a news release. And economic growth in the third quarter was revised downward this week, led by the first decline in consumer spending since the fourth quarter of 1991 and the largest drop since the second quarter of 1980. Read the full article on RI Realtor BlogMortgage Rates Dip Below 6%
- By Michael McCann
- Posted
The 30-year fixed-rate mortgage dropped below 6% on average this week, a seven-week low for the mortgage, according to Freddie Macs weekly survey, released on Wednesday. The mortgage averaged 5.97% for the week ending Nov. 26, down from last weeks 6.04% average. The 30-year mortgage averaged 6.10% a year ago; it hasnt been lower since Oct. 9, when it averaged 5.94%. Interest rates for 30-year fixed-rate mortgages fell for the fourth consecutive week as signs the overall economy is flagging lowered most interest rates market-wide, said Frank Nothaft, Freddie Mac chief economist, in a news release. And economic growth in the third quarter was revised downward this week, led by the first decline in consumer spending since the fourth quarter of 1991 and the largest drop since the second quarter of 1980. Read the full article on RI Realtor Blog
