Cleaning & Restoration Breaking News

Mortgage Rates Drop to 6 Percent

December 12, 2002
/ Print / Reprints /
/ Text Size+
WASHINGTON (AP) -- Mortgage rates around the country fell this week for the first time since the middle of November.

The average interest rate on 30-year fixed-rate mortgages dropped to 6.04 percent for the week ending Dec. 13, Freddie Mac reported Thursday in its weekly nationwide survey. That was down from 6.19 percent in the previous week.

This week's rates marked the first time rates on 30-year, 15-year and one-year adjustable rate mortgages fell since the week ending Nov. 15.

At that time, rates on 30-year mortgages dropped to 5.94 percent, the lowest level since the mortgage giant began tracking them in 1971.

Rates on 15-year fixed-rate mortgages, a popular option or refinancing, dipped to 5.46 percent this week, down from last week's 5.60 percent.

Low mortgage rates this year have been feeding a refinancing boom. The extra monthly cash consumers are saving by refinancing their mortgages at lower interest rates is helping to support consumer spending, which has been the main force keeping the economy going this year.

Home sales -- powered by low mortgage rates -- are expected to post records this year .

"Freddie Mac's most recent economic forecast indicates that next year's housing sector, though slower than this year's, will nevertheless continue to thrive," said Frank Nothaft, Freddie Mac's chief economist.

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.


Have a limited marketing budget but realize the importance of neighborhood marketing? Try doorknob hangers, a low-cost, yet highly effective way to drum up more business. In this episode, John Braun discusses the value of this tactic as well as what you should include on the materials you're hanging.
More Podcasts

ICS Cleaning Specialist Magazine


2014 September

The September issue of ICS features stories on moisture detection, disinfectant services, neighborhood marketing, then we discuss the last level of being phenomenal, 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


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


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

Click here to view


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

Click here to view


facebook_40.png twitter_40px.png youtube_40px.pngcrc logo