Again there has been a fall in the U.S. long-term fixed mortgage rates. The rates fell for the third time in four weeks. The rates have slid down up to lowest level in six-weeks.
In the week ended on July 9, the average 30-year rate have declined to 0.12 % point to 5.20 %, it was said by Freddie Mac on Thursday.

The rate was 6.37 % a year earlier; it is said by the second-largest U.S. home funding company.

In a statement it was said by Frank Nothaft, Freddie Mac’s chief economist, that the Interest rates for 30-year fixed-rate mortgages have fallen for the second week in a row to the lowest level in six weeks amid market concerns over a weakening labor market.

According to the most recent jobs report that has been issued by the government last week showed the unemployment rate in June was 9.5% which is the highest rate ever recorded since August 1983.

Due to the weaker economic reports the yields on Treasury securities have lowered down, which are used to benchmark mortgage rates.

In April the average 30-year mortgage rate fell to 4.78 %, which was a record low rate dating back to 1971, according to the Freddie Mac’s weekly surveys.

0.7 % interest rate is being charged by the Lenders on 30-year loans in the latest week, which is not changed from the prior week.

Related Articles

• 3 ways to Refinance a mortgage
  With the tighter credit situation and property values going down, it has become more important to keep your house and get the cheapest mortgage on it. Refinancing can help to reduce your interest rate and monthly payments and give you some breathing space...
• How Govt. can help in consolidation of My Debt
  Managing your finances to get rid of debts needs some responsibility from you. Do your search and know about the consolidation of your loans. A thorough research regarding debt relief will let you know the difference between the debt consolidation and deb...
• Loan For Starting A Small business
  It is quite helpful if you do a small business a part from your job. But for staring it, a lot of money is required. This financial need can easily be fulfilled by the small business loans. For this, the online financial companies are the best solution. ...
• Rise in Mortgage Lending Expected in 2010
  A rise is expected in the later months of 2010, the current down situation is due to the purchasing of property before 1st January by the purchasers....
• 30-Year Fixed Mortgage Rates drop to 4.93%
  30-year fixed mortgage rates drop to 4.93% for the second straight week, showed by a report on Thursday, but still are above than the lower record of last years....