Mortgage rates continue to drop. For the third straight week 30 year fixed rate mortgages are at 5.14% and averaging 0.7 point for the week. Just last week mortgage rates were averaged at 5.20%, and a year ago, around this time, it was 6.26%.
The continuous dropping of mortgage rates was the result of the economy growing at a much slower pace than many anticipated.
Just for a recent news, the personal property rates in the United States dipped to previously-unseen amounts again this week. Federal lender Freddie Mac blames slower-than-expected economic growth for the drop.