Mortgage Rates at New Low

Mortgage rates fell for the fourth strait week, making the past week the second lowest point for mortgage rates in a year. The only week that saw better rates was the week of January 19th, when the average rate for a 30-year fixed mortgage was 6.10; the current average is 6.11. The continued drop in mortgage rates is thought to be in response to easing inflation pressures as well as an overall slowing of the economy. The lowering of rates seems to be a further sign of the current weakness of the nation’s economy.

Current average rates have dropped across the board, with all mortgage products showing a national decrease. A 15-year fixed rate mortgage dropped from 5.87 to 5.84; this mortgage is a favorite for homeowners looking to refinance, and may spur more refinance business for the mortgage industry. Adjustable rate mortgages also dropped, with the average rate for a one-year fixed mortgage going down to 5.43 and the average rate for a five-year fixed mortgage dropping to 5.92.