Mortgage rates decline in week

WASHINGTON, Sept. 3 (UPI) -- Average interest rates for 30-year, fixed-rate U.S. mortgages fell in the week ending Sept. 3, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-rate mortgage averaged 5.08 percent with an average 0.7 points in the week, Freddie Mac said.

A week ago, 30-year, fixed-rate mortgages averaged 5.14 percent.

At 4.54 percent with an average 0.6 points, the 15-year, fixed-rate average also dropped from a week ago. In the previous week, 15-year fixed rate loans averaged 4.58 percent.

"Low mortgage rates are helping to keep housing very affordable," said Frank Nothaft, Freddie Mac vice president and chief economist.

"Overall, inflation remains in check while certain sectors of the economy are experiencing some improvement," he said.