U.S. mortgage rates fell in the past week to the latest in a series of record lows amid concerns about the state of the U.S. economy, according to a survey released Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.
Rock-bottom rates should continue to spur demand for home loan refinancing, putting extra cash into consumers' hands that they can save, use to pay off existing debt or
funnel into the economy through extra spending. (Also read: More Homeowners Expect Home Values to Fall More)
Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.42 percent for the week ended Aug. 19, down from the previous week's 4.44 percent and its year-ago level of 5.12 percent, according to the survey.
Thirty-year mortgage rates have fallen to fresh lows for nine straight weeks. Freddie Mac started the survey in April 1971.
Mortgage rates are linked to yields on Treasuries and yields on mortgage-backed securities.
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