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Thursday, March 12, 2009

Average 30-Year Mortgage Rate Falls to 5.03%

By Erik Berte

FOXBusiness

The average rate for a 30-year mortgage declined by 0.12 percentage points as the jobs market weakened, according to Freddie Mac (FRE).

"Mortgage rates had room to ease this week following news of a weaker jobs market, which may slow consumer spending and keep inflation at bay," said Freddie Mac Chief Economist Frank Nothaft. With the nation's unemployment rate in February at 8.1%, according to the Labor Department, the nation's employment picture doesn't look good right now.

Freddie said the rate fell to 5.03%, down from 5.12% the week before. The average rate was 6.13% a year ago.

Nothaft cited other factors that played into the easing of this rate as well: New-home sales fell to a record-low pace, while pending home sales remain at their weakest since January of 2001, he said.

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