Fall takes mortgage rates to ’05 levels

WASHINGTON – Mortgage rates fell sharply this week, with rates on 30-year mortgages dropping to the lowest level in more than two years.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.10 percent. That was down from 6.20 percent last week and was the lowest rate since the week of Oct. 13, 2005, when rates stood at 6.03 percent.

Analysts attributed the decline to increased worries that a severe slump in housing and a continuing credit crunch could drag the economy into a recession.

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source: thenewstribune.com