Cleaning & Restoration Breaking News

US 30-, 15-year mortgage rates hit new record lows

May 15, 2003
/ Print / Reprints /
/ Text Size+
WASHINGTON, May 15 (Reuters) - Average interest rates on U.S. 30- and 15-year mortgages fell to new record lows in the week ending May 16, Freddie Mac said on Thursday. Thirty-year mortgage rates fell to an average of 5.45 percent -- the lowest on Freddie Mac records dating back to 1971 -- from 5.62 percent last week. Fifteen-year mortgages dipped to an average of 4.84 percent -- the lowest also on Freddie Mac records going back to 1991 -- from 4.97 percent last week. One-year adjustable rate mortgages (ARM) stood at an average of 3.67 percent, almost unchanged from a record low average of 3.66 percent the prior week. A year ago, 30-year mortgages stood at an average of 6.89 percent, 15-year mortgages at 6.37 percent and the ARM at 4.81 percent. "Continued reaction to last week's Federal Reserve Committee statements about the threat of deflation has triggered a rally in the bond market, driving long-term yields to the lowest level since 1958," Freddie Mac chief economist Frank Nothaft said in a statement. "When that happens, mortgage rates are bound to drop and indeed, that is just what they did this week," he said. The Fed last week kept U.S. interest rates steady at 1961 lows but warned of a possible "unwelcome substantial fall in inflation," saying this meant the economy was in danger of weakness ahead. Earlier on Thursday the Labor Department said U.S. April wholesale prices fell 1.9 percent, the largest one-month drop on record. Nothaft said the report reaffirmed concerns about the state of the economy.

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.


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


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


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