Monday, September 7, 2009

US Mortgage Rates Fall to 5.08% Freddie Mac Says

US Mortgage Rates Fall to 5.08% Freddie Mac Says

By Brian Louis

Sept. 3 (Bloomberg) Mortgage rates for 30-year fixed U.S. home loans fell this week, reducing borrowing costs for buyers amid signs the U.S. housing market is stabilizing.

The average 30-year rate fell to 5.08 percent from 5.14 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The 15-year rate was 4.54 percent.

“The drop in mortgage rates is probably a function of the longer-term Treasuries coming down a bit,” said George Mokrzan, senior economist at Huntington National Bank in Columbus, Ohio. “That’s a good thing. That should help to further support housing markets and give a little bit more support to that early stage of recovery.”

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