NEW YORK, July 16 Interest rates on U.S.
30-year fixed-rate mortgages dropped 0.06 percentage point this
week, its third consecutive weekly decline, a move that bodes
well for the hard-hit housing market, according to a survey
released on Thursday by home funding company Freddie Mac.
Interest rates on the 30-year fixed-rate mortgage averaged
5.14 percent, with an average 0.7 point in points and fees, for
the week ending July 16, down from the previous week's 5.20
percent, its lowest since the week ended May 28.
But, it was significantly higher than the record low of
4.78 percent set the week ending April 2. Freddie Mac started
the Primary Mortgage Market Survey in 1971.