Financial Planning News:30 Year Fixed Mortgage Rate Weekly from Freddie Mac

Written By: admin on March 5, 2009 One Comment

Freddie Mac said Thursday that the benchmark mortgage average rose slightly with bond yields. The 30-year fixed mortgage rate averaged 5.15% with an average 0.7 point for the week ending March 5.

Last week, the average was 5.07%, and last year it was 6.03%. “Mortgage rates followed bond yields higher this week following reports of record continuing jobless claims and a downward revision in economic growth in the fourth quarter of 2008,” said Frank Nothaft, Freddie Mac chief economist, in a statement. “Real yucky domestic product was revised from a 3.8% decline to a 6.2% drop in the fourth quarter mostly led by a 4.3% fall in consumer spending, which was the largest decrease since the second quarter of 1980.”