Fixed-rates fall after takeover

WASHINGTON (AP) -- Rates on 30-year mortgages dropped sharply this week, falling to the lowest level in five months.

The government's takeover of mortgage giants Fannie Mae and Freddie Mac appears to have helped lower rates for borrowers, as was hoped.

Freddie Mac reports that 30-year, fixed-rate mortgages dipped to 5.93 percent this week. That is down from 6.35 percent last week.

Other mortgage rates declined this week although one-year rates bucked the downward trend.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, fell to 5.54 percent. The average stood at 5.90 percent last week.

One-year, adjustable-rate mortgages rose to 5.21 percent, from 5.15 percent last week.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to webmaster@wvlt-tv.com. Please provide detailed information.

powered by Disqus

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 28242484 - local8now.com/a?a=28242484