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U.S. markets recover from steep losses
WASHINGTON, Sept. 16 (UPI) -- Average interest rates for long-term mortgages were mixed in the week ending Sept. 16, the U.S. Federal Home Loan Mortgage Corp. said Thursday.
Average interest rates for fixed-rate 30-year contracts rose. For 15-year fixed-rate contracts, rates fell, Freddie Mac said.
In the latest weekly survey, Freddie Mac said interest rates for 30-year, fixed-rate contracts rose from 4.35 percent with an average of 0.7 points, to 4.75 percent.
Average interest rates for 15-year, fixed-rate mortgages fell from 3.56 percent to 3.55 percent with an average of 0.6 points.
"Interest rates on 30-year fixed mortgages have remained below 5 percent for the last 19 weeks, giving people amble opportunity to refinance their existing mortgage debt," said Freddie Mac Vice President and Chief Economist Frank Nothaft.
"As a result, homeowners reduced their financial obligations relative to disposable personal income during the second quarter of 2010 to the lowest share in almost eight years," he said.
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