WASHINGTON – Rates on 30-year mortgages edged down slightly this week, but remained above 6 percent for the third straight week.
Mortgage company Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.05 percent this week, compared to 6.06 percent last week.
It marked the third week that 30-year rates have been above 6 percent.
Analysts said rates for all mortgages didn’t change much this week as the housing industry continues to confront the worst downturn in more than 20 years.
“The housing market is still struggling amid falling house prices and stricter lending standards,” said Frank Nothaft, chief economist at Freddie Mac. “Coupled with higher delinquency and foreclosure rates, a smaller share of families own their homes this year.”
A year ago, rates on 30-year mortgages stood at 6.21 percent, 15-year mortgage rates and five-year adjustable-rate mortgages each averaged 5.92 percent and one-year adjustable-rate mortgages were at 5.48 percent.
Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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