Freddie Mac notes increase in mortgage interest rates

Zimbabwe News.Net
Friday 31st October, 2008

Interest rates for 30-year, fixed-rate US mortgages increased over the past week.

Freddie Mac has released figures that show the 30-year, fixed-rate mortgage averaged 6.46 percent with an average 0.7 points in the week.

A week ago, 30-year, fixed-rate mortgages averaged 6.04 percent, while a year ago they averaged 6.26 percent.

Frank Nothaft, Freddie Mac’s vice chief economist said house-price declines in many markets had improved housing affordability and stimulated home sales with existing homes rising in value 5.5 percent and sales of new homes up 2.7 percent.

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