Cleaning & Restoration Breaking News

30-Yr, 15-Yr Mortgage Rates Fall

September 17, 2003
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON (Reuters) - Average interest rates on U.S. 30- and 15-year fixed-rate mortgages fell in the latest week to their lowest averages in almost two months, Freddie Mac said on Thursday.

Thirty-year mortgage rates averaged 6.01 percent this week, the lowest since 5.94 percent in the week ended July 25 and down from 6.16 percent a week ago, Freddie Mac said.

Fifteen-year mortgages also inched downward in the latest week, to an average of 5.30 percent, also the lowest since the July 25 week, when they stood at 5.27 percent. Last week's rate averaged 5.46 percent.

One-year adjustable rate mortgages followed the downward trend, dropping to an average of 3.81 percent from 3.87 percent last week.

A year ago, 30-year mortgages averaged 6.05 percent, 15-year mortgages 5.47 percent and the ARM 4.28 percent.

"Although refinancing has fallen off somewhat, home buying activity remains vigorous, unfazed by market chatter that the end of the housing boom is near," Frank Nothaft, Freddie Mac chief economist, said in a statement.

"Financial markets are feeling more confident that the Fed will not raise rates any time soon. Add to that the fact that recent economic data shows core inflation is less than the market expects, and we see mortgage rates drop once again," he said.

The Fed on Tuesday opted to keep U.S. interest rates at 45-year lows and said rates could remain low for "a considerable period." Also on Tuesday, the Labor Department said U.S. August consumer prices rose 0.3 percent. Excluding food and energy, prices were up 0.1 percent.

On Wednesday, the Commerce Department said U.S. August housing starts fell 3.8 percent to a 1.820 million unit annual rate.

Freddie Mac said lenders charged an average of 0.5 percent in fees and points on 30- and 15-year mortgages, both down from 0.6 percent last week. They charged 0.6 percent on the ARM, unchanged from last week.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Don't underestimate the value of a good Internet marketing plan. In fact, if you do this right, it's not uncommon to see ROI along the lines of 30-to-1. Here's a look at 27 free and low-cost tips that you can begin implementing within your cleaning business today to drive more business.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 August

The August issue of ICS features stories on carpet mold, good training, marketing for cleaners, traffic lane cleaning, and cool products.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo