Cleaning & Restoration Breaking News

US 30-year mortgage rate falls in latest week

April 24, 2003
/ Print / Reprints /
/ Text Size+
WASHINGTON, April 24 (Reuters) - Average interest rates on U.S. 30-year mortgages fell for a second straight week in the week ending April 25, Freddie Mac said on Thursday, as continued economic weakness kept mortgage rates low.

Thirty-year mortgage rates dipped to an average of 5.79 percent from 5.82 percent last week.

Fifteen-year mortgages and one-year adjustable rate (ARM) mortgages were unchanged in the week. Fifteen-year mortgages remained at an average of 5.12 percent and the ARM at 3.79 percent.

"A tepid national economy has anchored mortgage rates to current low levels so far this year," Frank Nothaft, Freddie Mac's chief economist, said in a statement.

"However, according to the Federal Reserve's Beige Book, the housing industry is the only bright spot in the economy right now. That is due primarily to low mortgage rates," Nothaft said.

The Fed on Wednesday said the Iraq war kept U.S. consumers wary in March and early April, leaving overall economic activity "lackluster."

"Most districts continued to report weakness in manufacturing, although some pockets of growth were noted in most of the reports. Businesses continued to report a cautious attitude toward spending, and commercial real estate was reported to still be in a slump," the Beige Book stated.

On Friday the Commerce Department will issue U.S. Gross Domestic Product for the first quarter of 2003. "That should give us a more definitive look at shape of the economy," Nothaft said.

Two housing reports will also be issued later on Friday. Commerce will release U.S. March single-family home sales and the National Association of Realtors will issue U.S. existing home sales for that 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.



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