Mortgage rates fall

Mortgage Rates Fall for Third Consecutive Week, an article from Realty Times, reports that the 30-year fixed-rate mortgage averaged 5.14% with an average 0.7 point for the week ending July 16, 2009, according to Freddie Mac's Primary Mortgage Market Survey. Last week, it averaged 5.20%, and a year ago it was 6.26%. "Average fixed-rate mortgage rates were lower than last week and were down 0.4% to 0.5% from the levels of early June," said Frank Nothaft, Freddie Mac vice president and chief economist. "For a 30-year fixed-rate mortgage, the rate reduction over the past five weeks translates into a monthly payment saving of $56 on a $200,000 loan." http://realtytimes.com/rtpages/20090717_rates.htm