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Still below 7%
Mortgage rates 'phenomenally' low
MAY 02, 2002
The 30-year fixed-rate mortgage average dropped to 6.78 percent for the week ending today, down from 6.88 percent last week. This week's level is the lowest its been since the week ending Nov. 23, 2001, when it averaged 6.75 percent.
The average for the 15-year fixed-rate mortgage was 6.26 percent, dropping from last week’s average of 6.35 percent. Points on both the 30- and 15-year rates averaged 0.7.
One-year Treasury-indexed adjustable-rate mortgages averaged 4.75 percent this week, with an average 0.8 point, down from last week’s average of 4.91 percent.
"There seems to be some concern in the marketplace that the economic recovery will be slower than expected, lessening the fear of inflation. This, of course, allowed mortgage rates to drift further downward this week," said Frank Nothaft, Freddie Mac’s chief economist. "As a matter of fact, Personal Income and Consumer Spending growth for the first quarter were moderate and showed inflation to be well constrained.
"And with mortgage rates at phenomenally low levels – close to 30-year lows – housing will continue to contribute to a healthy economy. Although the economy most certainly will slow from the fast pace it set in the first quarter, 2002 will still be a very good year."
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Copyright 2002 Inman News Features
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