Interest rates fall
Mortgage rates headed downward this week to 6.31 percent for a 30-year fixed-rate loan, according to Bankrate.com. The average was 6.49 percent last week.
Why, you ask? Bankrate.com says:
More jitters about the housing market and its effect on the economy drove mortgage rates lower. Bank earnings brought a renewed focus to mortgage delinquencies and concerns about the credit markets helped drive investors into the safe haven of long-term government bonds. Fixed mortgage rates are closely related to the yields on Treasury securities.
Freddie Mac's weekly survey of rates isn't up yet, but you can see past weeks here.
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