News Column

BRIEF: Mortgage rates near seven-month lows

May 22, 2014

By Mary Ellen Podmolik, Chicago Tribune

May 22--Average fixed mortgage interest rates fell for the fourth straight week, edging closer to the 4 percent mark.

The average rate on a 30-year, fixed-rate mortgage was 4.14 percent this week, compared with 4.20 percent last week and 3.59 percent in the same week a year ago, according to Freddie Mac's rate survey.

It was the lowest rate recorded in the agency's weekly survey since Oct. 31.

Meanwhile, a 15-year, fixed-rate mortgage carried an average rate of 3.25 percent this week. That compared with 3.29 percent last week and 2.77 percent a year ago.

A greater-than-expected slip in the nation's industrial productivity in April, following two months of gains helped drive down rates this week.


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Source: Chicago Tribune (IL)

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