U.S. mortgage rates fall slightly in week

WASHINGTON, Aug. 21 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages declined slightly from the previous week, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-interest rate mortgage averaged dropped from 6.52 percent to 6.47 percent with an average 0.7 points for the week ending Aug. 7, Freddie Mac said.

A year ago, 30-year, fixed-rate mortgages were also at 6.52 percent, Freddie Mac said in a statement.

At 6 percent with an average 0.7 points, the 15-year, fixed-rate average also fell, down form the previous average of 6.07 percent. A year ago, 15-year fixed rate mortgages averaged 6.18 percent, the report said.

"Even with the current historically affordable mortgage rates, news continues to show signs of weakening in the housing sector," said Frank Nothaft, Freddie Mac vice president and chief economist.

"Housing starts fell to 0.965 million units -- annualized -- in July, the slowest pace since March 1991. As a result, homebuilder confidence remained at an all-time record low in August since the series began in January 1985," Nothaft said in a statement.