Mortgage Rates Decline amid Signs of Economic Weakness
Fixed mortgage rates moved lower during the past week, Freddie Mac reported in its weekly Primary Mortgage Market Survey released Sept. 19.
The 30-year fixed-rate dropped 0.07 percent to 4.50 percent (up from 3.49 percent a year ago). The 15-year fixed-rate fell 0.05 points to 3.54 percent (up from 2.77 percent a year ago).
The one-year adjustable-rate mortgage decreased 0.02 percent to 2.65 percent (down from 2.67 percent a year ago). The five-year Treasury-indexed dropped 0.11 percent to 3.11 percent (up from 2.76 percent a year ago).
“Mortgage rates drifted downwards this week amid signs of a weakening economic recovery,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a news release. “Retail sales rose 0.2 percent in August which was nearly half of July's 0.4 percent increase. In addition, industrial production in August grew 0.4 percent, less than the market consensus forecast. And lastly, consumer sentiment fell for the second consecutive month in September to the lowest reading since April.”
View Freddie Mac’s weekly Primary Mortgage Market Survey.