Rates on 30-year mortgages dropped sharply this week, falling to the lowest level in five weeks.
Mortgage giant Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.04 percent this week, down from 6.46 percent last week. The decline pushed 30-year rates down to the lowest level since they stood at 5.78 percent the week of Sept. 18.
Analysts attributed the decrease to an easing of inflation concerns, which now have been replaced with rising worries that the country could be headed for a prolonged recession.
Source: Austin American-Statesman