U.S. Mortgage Rates Fall to 5.22%, Freddie Mac Says

Mortgage rates in the U.S. fell for the first time in three weeks, boosting the potential for further stabilization in the housing market.

The average 30-year rate dropped to 5.22 percent from 5.25 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The 15-year rate averaged 4.63 percent for the week ending today.

Lower rates may increase demand for homes in the fourth year of the housing recession. New and existing-home sales rose in June as falling prices and a government tax credit lured buyers. The S&P/Case-Shiller home price index rose 0.5 percent in May from the prior month, the first gain since July 2006.

Read Full Article from Bloomberg

- Posted: 2009-08-06 11:01:10

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