Mortgage Rates Fall By .70% In 7 Weeks

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Mortgage Rates Fall By .70% In 7 Weeks

By Mark Perry on September 12, 2008 | More Posts By Mark Perry | Author's Website

WASHINGTON - Rates on 30-year mortgages dropped sharply this week, falling to the lowest level in five months, as the government’s dramatic takeover of mortgage giants Fannie Mae and Freddie Mac had the hoped-for impact of lowering mortgage rates.

Freddie Mac reported Thursday that its nationwide survey found that 30-year, fixed-rate mortgages dipped to 5.93% this week, down from 6.35% last week (see chart above).

The sharp decline pushed the 30-year rate below 6% for the first time since late May and marked the lowest level for this rate since they averaged 5.88% the week of April 17.

MP: This is the sharpest drop in mortgage rates (0.70%) in a seven-week period in at least five years.

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