Falling U.S. Mortgage Rates May Aid Economy Outside Housing
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Mortgage rates for U.S. homes set a record low for the sixth straight week, potentially freeing up money for consumers to spend elsewhere.
Investors seeking the relative safety of bonds backed by government-controlled home finance companies Fannie Mae and Freddie Mac drove the average rate for a 30-year fixed mortgage down to 4.54 percent in the week ended today from 4.56 percent last week, McLean, Virginia-based Freddie Mac said. The average 15-year rate was 4 percent, also a record in the data going back to 1971, the company said in a statement.