Cleaning & Restoration Breaking News

30-Yr, 15-Yr Mortgage Rates Fall

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.



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.


Beginning April 21, Google will start judging websites based on their mobile friendliness. What exactly does this mean to you cleaning website? Find out in the latest edition of The Hitman Advertising Show, which will also cover tips and suggestions on getting mobile compliant.
More Podcasts

ICS Cleaning Specialist Magazine


2015 April

The April ICS issue features content on concrete polishing, green cleaning, air duct cleaning, injection sprayers and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive


The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products


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

Click here to view


facebook_40.png twitter_40px.png youtube_40px.png


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

Click here to view