Rates Move Lower Again !

                               National Interest Rates   |   Memphis Tennessee Interest Rates    

         Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.22 percent with an average 0.5 point for the week ending February 22, 2007, down from the previous week when it averaged 6.30 percent. The is the lowest the rate has gone in several weeks. Last year at this time, the 30-year FRM averaged 6.26 percent.

       The 15-year FRM on Friday averaged 5.97 percent with an average 0.5 point, down from the prior week when it averaged 6.03 percent. A year ago, the 15-year FRM averaged 5.89 percent.

       "Mortgage rates eased a little more this week, as market participants were concerned over how much drag the slowing housing market may have on economic growth," said Frank Nothaft, Freddie Mac vice president and chief economist. "For instance, last week's release of housing starts for January showed the weakest reading since August 1997, due to the abundance of homes already on the market to purchase."

       [SOURCE: Freddie Mac]

• Freddie Mac

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