Cleaning & Restoration Breaking News

US 30-, 15-yr mortgage rates at new record lows

September 5, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON, Sept 5 (Reuters) - U.S. 30- and 15-year fixed-rate mortgages fell to new lows in the week ending Sept. 6 as stock market rallies pushed bond yields upward and suppressed interest rates, Freddie Mac said on Thursday.

Thirty-year mortgage rates stood at an average 6.15 percent -- the lowest on Freddie Mac's records which they have been keeping since 1971 -- compared with 6.22 percent last week. Fifteen-year mortgages also fell to a record low of 5.56 percent from 5.64 percent the prior week.

One-year adjustable rate mortgages (ARM) stood at an average 4.35 percent, little changed from 4.34 percent last week.

A year ago, 30-year mortgages averaged 6.89 percent, 15-year mortgages 6.44 percent and the ARM 5.64 percent.

"Looking for safety from the current uneasiness in domestic and foreign markets, nervous investors pumped their money into the U.S. Treasury bond market, causing yields to fall to record levels," Frank Nothaft, Freddie Mac chief economist, said in a statement.

"Housing appreciation continues to outpace inflation and mortgage rates are at the lowest levels in more than a generation," Nothaft said. "These factors combine (to) make homeownership even more attractive and affordable."

On Wednesday the Commerce Department said in its monthly U.S. construction spending report that single-family home building rose to a $262.6 billion level in July, up 0.4 percent from the prior month.

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

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

CoverImage

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

Janitorial Work

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