Freddie Mac Rates Move Downward

Weak economic news proves good for mortgage rates! 30-Year Rates Slide to 6.07 Percent spurred in part by unexpectedly weak economic data that could signal an impending recession, borrowing costs on long- and short-term home loans dipped during the past week. Freddie Mac's statistics show a decline in interest on 30-year fixed loans to 6.07 percent from 6.17 percent last week, while 15-year fixed rates slid to 5.68 percent from 5.79 percent. Adjustable-rate mortgages also registered lower interest, with five-year loans settling at 5.78 percent compared to 5.90 percent a week earlier and one-year products coming in at 5.47 percent for the week, down from 5.53 percent the week before.