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Sept. 6, 2005 / 2:23 PM

U.S. house prices up 15% in 2Q

MCLEAN, Va., Sept. 6 (UPI) -- Falling mortgage interest rates drove up real estate sales and average house prices in the United States during the second quarter by 15 percent.

Mortgage lender Freddie Mac said Tuesday the price rise during April through June exceeded the rise in the previous two quarters.

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"The steady decline of fixed mortgage rates during the second quarter helped to propel home sales higher and drive up house prices," said Frank Nothaft, Freddie Mac vice president and chief economist.

Nothaft added that the weekly average rate for 30-year fixed rate mortgages fell from a high of 6.04 percent the week of March 31 to a low of 5.53 percent the week of June 30.

Home sales in the second quarter soared to an annualized record level of 7.62 million units, he said.

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Frank Nothaft

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