Posted at 11:36 a.m., Thursday, September 26, 2002
Mortgage rate hits 30-year low
Associated PressThe average rate on a 30-year fixed mortgage fell below 6 percent this week to the lowest level in more than three decades, according to Freddie Mac, the No. 2 buyer of U.S. mortgages.
The 30-year rate declined to 5.99 percent, the lowest since the company began keeping track in 1971, from 6.05 percent last week. The average rate on one-year adjustable mortgages fell to 4.22 percent, the lowest since February 1994, from 4.28 percent.
The average rate on a 15-year mortgage, a popular refinancing option, fell to 5.41 percent, the lowest since Freddie Mac began tracking the level in August 1991, from 5.47 percent.