NEW YORK, Nov. 30 (UPI) -- U.S. mortgage rates fell further this week, with the average 30-year fixed rate hitting 6.17 percent, matching a low last seen Jan. 25.
Bankrate.com said Thursday that mortgage rates are near their lowest point of the year, a sharp reversal from midsummer when rates crested at four-year highs.
"Evidence of weaker economic growth helped push mortgage rates lower once again. Weakness in orders for durable goods, consumer confidence, and home prices lured investors into bonds as a safe haven amid slower economic growth," Bankrate.com said in a statement.
"Fed Chairman Ben Bernanke's comments on the possibility of resurgent inflation also contributed to lower bond yields as a vigilant Fed helps quell the inflation fears of bond investors. Mortgage rates are closely related to the yields on long-term government bonds. Fixed mortgage rates are sharply lower than five months ago, when rates were flirting with 7 percent. At that time, the average 30-year fixed mortgage rate peaked at 6.93 percent, meaning that the monthly payment on a loan of $165,000 was $1,090," the statement said.
