Even though rates on 30-year, fixed-rate mortgages dropped slightly this week they are still above 6% for the third week in a row. Freddie Mac reported Thursday that the 30-year rate was down to 6.05% from 6.06% the week before.
Frank Nothaft, chief economist at Freddie Mac said, “The housing market is still struggling amid falling house prices and stricter lending standards. Coupled with higher delinquency and foreclosure rates, a smaller share of families own their homes this year.”Meanwhile, average rates for the 15-year, fixed-rate mortgage went the other direction - up. They rose slightly to 5.60% from 5.59% last week.
5-year, adjustable-rate mortgages were also down to 5.67% from 5.73% last week. One-year, adjustable-rate mortgages remained the same at 5.29%.
