Mortgage Rates Drop This Week
Freddie Mac reports a decrease in the 30-year fixed mortgage rate to 6.69 percent during the week ended July 26 from 6.73 percent the previous week. Interest on 15-year fixed loans recorded a slight decline to 6.37 percent from 6.38 percent.
Meanwhile, the five-year adjustable mortgage rate dipped to 6.3 percent from 6.35 percent, and the one-year ARM tumbled to 5.69 percent from 5.72 percent.
Freddie Mac chief economist Frank Nothaft attributes the decrease in borrowing costs to "market concerns that a further weakening of housing demand this spring will delay any recovery in the sector."
Source: The Wall Street Journal (07/27/07)