The Wall Street Journal-20080118-Mortgage Rates at a 2 1-2-Year Low
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Mortgage Rates at a 2 1/2-Year Low
WASHINGTON -- Fixed-rate home mortgages fell in the latest week, according to Freddie Mac's survey.
The national average interest rate on the benchmark 30-year, fixed- rate loan averaged 5.69% in the week ended yesterday, down from 5.87% a week ago and 6.23% a year ago.
The 15-year fixed-rate loan averaged 5.21%, down from 5.43% a week ago and 5.98% a year ago.
Both the 30- and 15-year fixed-rate mortgages are at their lowest levels since July 2005, according to Freddie Mac.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.40%, compared with 5.63% a week ago and 6.04% a year ago.
"The latest retail sales report indicated that shoppers scaled back spending in December," said Frank Nothaft, Freddie Mac chief economist. "The declines aggravated concerns about the well-being of the economy and exerted downward pressure on mortgage rates."
