Long-term mortgage rate falls to 5.62%
30-year rate drops for ninth week out of the last 10, Freddie Mac says.
June 2, 2005: 12:20 PM EDT
NEW YORK (CNN/Money) - Long-term mortgage rates fell this week for the ninth week out of the last ten, mortgage finance firm Freddie Mac said Thursday.
The rate on 30-year, fixed-rate loans averaged 5.62 percent this week, with an average 0.6 point, down from last week's average of 5.65 percent, according to the mortgage finance firm's survey.
A year ago, the 30-year fixed-rate loan averaged 6.28 percent.