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IN BRIEF / THE ECONOMY

30-Year Mortgages Near Record Low

May 09, 2003|From Associated Press

The average interest rate on a fixed-rate 30-year mortgage fell to 5.62% this week, down from 5.70% last week, Freddie Mac reported. The rate nearly matched the record low of 5.61% set in the week ended March 14.

For 15-year fixed-rate mortgages, a popular option for refinancing, rates declined to 4.97%, compared with 5.03% last week. Rates for one-year adjustable-rate mortgages fell to 3.66% from 3.74% last week.

The rates do not include add-on fees known as points.

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