The Wall Street Journal-20080111-Home-Mortgage Rates Fall
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Home-Mortgage Rates Fall
WASHINGTON - Freddie Mac said 30-year home fixed-rate mortgages averaged 5.87% in the latest week -- the lowest since September 2005.
A week ago the average was 6.07%, and in the year-earlier period it was 6.21%. Freddie Mac cited the recent weak jobs report, slow nonmanufacturing business activity and a drop in home sales as contributing factors.
"These weak economic reports renewed concerns about economic conditions in the near future," said Freddie Mac Chief Economist Frank Nothaft. "As a result, mortgage rates came down across the board, with 30-year fixed mortgage rates at their lowest level in more than two years."
The 15-year fixed-rate mortgage averaged 5.43%, down from 5.68% last week and from 5.96% a year ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.63%, down from last week's 5.78% average. The five-year ARM averaged 6.03% a year ago.
And one-year Treasury-indexed ARMs averaged 5.37%, down from 5.47% last week. The one-year ARM averaged 5.44% a year ago.
