Huntsville AL Interest Rate Update

By: Huntsville Real Estate Expert Mike Manosky On March 13, 2008

Freddie Mac is reporting that the current weak economic reports are continuing to drive mortgage rates downward.


In it’s weekly update, Freddie Mac reports the 30 year fixed-rate mortgage averaged 6.03 % last week – compared with 6.24 % the week before.  The rate is also down compared with this time last year, when it averaged 6.14%.


"Weak economic reports that indicated declines in the job market, slowing in manufacturing and low consumer confidence drove bond yields lower this week and mortgage rates followed," said Frank Nothaft, Freddie Mac vice president and chief economist.


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