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UPDATE

Mortgage rates keep on dropping

June 08, 2003|From Times wire reports

Mortgage rates continue to fall, marking the fourth straight week and the ninth time this year that they fell to new lows.

The 5.26% average rate on 30-year fixed-rate home loans for the week ending Friday surpassed the previous low of 5.31% the week before, Freddie Mac reported. The average on 15-year fixed-rate mortgages also fell to a new low of 4.66% from the previous low of 4.73%.

Rates for one-year adjustable mortgages dropped to a new low of 3.59% from 3.63%.

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