Industries Banking/Finance

Mortgage rates continue to fall on weak economic data

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Mortgate rates fell for the second consecutive week on weak economic and housing data.

The average 30-year, fixed-rate mortgage fell to 4.78 percent, down 0.02 percentage point from last week. That compares to an average rate of 5.06 percent a year ago.

The 15-year, fixed mortgage fell 0.05 percentage point to 3.97 percent. A year ago, the fixed-rate mortgage was 4.39 percent.

“Mortgage rates followed Treasury bond yields lower this week amid weak local economic data reports on business conditions and house prices,” Freddie Mac’s chief economist, Frank Nothaft, said in a statement. “Regional Federal Reserve Banks reported that business and manufacturing activities declined in Philadelphia, Dallas and Richmond in April. In addition, the S&P/Case-Shiller 20-city composite home price index recorded year-over-year declines through February in 19 of the 20 markets.”

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