Mortgage Rates Slide For Second Straight Week
Analysts Attribute Decline To Good News On Inflation
POSTED: 1:50 pm EST March 23,
2006
UPDATED: 1:56 pm EST March 23,
2006
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McLEAN, Va. -- Rates on 30-year mortgages, which had jumped to the highest level in 2½ years, edged down for a second straight week. Mortgage giant Freddie Mac said Thursday that 30-year, fixed-rate mortgages averaged 6.32 percent this week -- down a couple of ticks from last week's average of 6.34 percent. The latest decline was the second in a row after 30-year rates had reached a high of 6.37 percent the week of March 9, the highest point since rates averaged 6.44 percent the week of Sept. 5, 2003.The rate averaged 6.01 percent a year ago.A competing survey from Bankrate.com had 30-year, fixed-rate mortgages falling to 6.39 percent this week. According to Freddie Mac, the average for the 15-year fixed rate mortgage -- popular for refinancing -- was at 5.97 percent, compared with 5.98 percent last week. Freddie Mac chief economist Frank Nothaft said the release of economic indicators this week showing that inflation is being held in check allowed long-term mortgage rates to drift a little lower.
Previous Stories:
- March 9, 2006: 30-Year Mortgage Rates Hit 2½-Year High
- February 23, 2006: Long-Term Mortgage Rates Fall
- January 31, 2006: Fed Raises Rates As Greenspan Exits
- January 19, 2006: Mortgage Rates Fall To 3-Month Low
- December 13, 2005: Fed Lifts Rates 13th Straight Time
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