Freddie Mac says the 30-year fixed mortgage rate fell to 6.03% during the week ended March 6 from 6.24% the prior week. Interest on 15-year, fixed-rate mortgages also declined, falling to 5.47% from 5.72% over the same period. The five-year adjustable mortgage rate dipped to 5.34% from 5.43%, while the one-year ARM dropped to 4.94% from 5.11%. Freddie Mac chief economist Frank Nothaft attributed the decrease in mortgage rates to reports of weakness in the job market, manufacturing sector, and consumer confidence. Look for real estate auctions and rental properties to increase Nationally during the later part of 2008.
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