News Column

BRIEF: Mortgage rates fall on economic worries

June 26, 2014

By Mary Ellen Podmolik, Chicago Tribune

June 26--Disappointing reports on the nation's economy sent down average fixed mortgage rates this week, beating their year-ago comparisons.

The average rate on a 30-year, fixed rate mortgage was 4.14 percent this week, compared with 4.17 percent last week and 4.46 percent in the same week a year ago, according to Freddie Mac's weekly survey.

Last year at this time, remarks by the Federal Reserve led to concerns that it would begin its tapering of bond purchases and that caused a jump in rates.

The average rate on a 15-year, fixed-rate mortgage this week was 3.22 percent, down from 3.30 percent last week. A year ago at this time, the rate on that mortgage product was 3.50 percent.

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Source: Chicago Tribune (IL)

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