Mortgage Rate Back Below 6 Percent

Tulsa World (OK) (03/21/08)
According to Freddie Mac's data, mortgage rates have dropped back below 6 percent after spending more than a month above that threshold. Thanks to the Federal Reserve's aggressive moves to insulate the U.S. economy by slashing borrowing costs, 30-year fixed home loans averaged 5.87 percent in the latest numbers. That compares to 6.13 percent this time last week and represents the first time since mid-February that the benchmark interest rate has been less than 6 percent. "Slowing consumer spending and weak employment conditions are among the concerns behind the Fed's decision to lower the target federal funds rate," said Freddie Mac chief economist Frank Nothaft.