The Wall Street Journal is reporting that the national average interest rate on the benchmark 30-year, fixed-rate loan averaged 6.1% last week, the lowest rate since Oct 13, 2005.

“Interest rates for U.S. Treasury securities have been drifting lower this month over market concerns that the housing slump and stress in the credit markets could slow future economic growth,” said Frank Nothaft, Freddie Mac vice president and chief economist. “As a result, interest rates for fixed-rate mortgages had room to slip lower this week.”

That news is sure to make somebody happy.

Mortgage Rate Drops to 6.1% [Wall Street Journal]
(Photo:Scott Abelman)

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