Mortgage rates continue to ease

Long-term mortgage rates fell for the third consecutive week.

Freddie Mac says 30-year fixed rate mortgages averaged 5.14 percent this week, down from 5.20 percent last week. A year ago, 30-year mortgages were averaging 6.26 percent.

"Average fixed-rate mortgage rates were lower than last week and were down 0.4 percent to 0.5 percent from the levels of early June," says Freddie Mac (NYSE: FRE) chief economist Frank Nothaft.

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- Posted: 2009-07-16 14:02:39

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