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30-year rates down to 6.03%
CommentsWASHINGTON – Mortgage rates sank this week, reflecting investors’ worries about the country’s economic health.
Freddie Mac, the mortgage company, reported Thursday that 30-year fixed rate mortgages averaged 6.03 percent for the week ending March 6. That was down from last week’s 6.24 percent, which had been the highest in more than three months.
“Interest rates for 30-year fixed-rate mortgages are now at the same levels as they were two weeks ago, erasing last week’s upward jump,” said Frank Nothaft, Freddie Mac’s chief economist.
A year ago, rates on 30-year mortgages stood at 6.14 percent, 15-year mortgage rates averaged 5.86 percent and five-year adjustable-rate mortgages were 5.90 percent.
Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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