MCLEAN, Va., Aug. 25 (UPI) -- The cost of a 30-year mortgage in the United States in the last seven days fell to an average of 5.77 percent.
Mortgage lender Freddie Mac also said Thursday its latest mortgage rate figures were below the year-earlier level of 5.82.
Mortgage rates, which rose from early July into mid-August, have fallen for two weeks.
Sharply rising gasoline costs caused consumers to slow their spending. That, along with weak retail sales and durable goods reports this week, sent investors running from stocks to the safety of Treasury bonds, a spokesman for Bankrate Inc. said.
As a result, bond prices rose, and interest rates moved down, he said.
However, Freddie Mac chief economist Frank Nothaft predicts U.S. mortgage rates will trend up for the rest of the year.