Mortgage Rates Fall

[jeffrey]

Mortgage rates fell this week, with rates on 30-year mortgages dropping to their lowest level in five months, good news for potential home buyers.

Freddie Mac, in its weekly nationwide survey released Thursday, said the average rate on 30-year, fixed-rate mortgages fell to 5.77% the week ended Sept. 2. That was down from 5.82% last week and was the lowest since rates averaged 5.52% the week ended April 1.

Rates on 30-year mortgages hit a high this year of 6.34% the week ended May 13. Since then, rates, while bouncing around, have slowly drifted downward as economic activity cooled in the late spring and early summer.

Frank Nothaft, Freddie Mac's chief economist, said a drop in consumer confidence reported earlier this week has raised concerns among some Wall Street investors about consumers' willingness to spend in the coming months... [read more at usatoday.com]

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