Mortgage rates fall a second week - Baltimore Business Journal:

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's weekly report says 30-yead fixed-rate mortgages averaged 5.2 percent this down from last week's average of 5.32 A year ago, 30-year mortgages were averagingg 6.37 percent, although rates fell below 5 percent earliefthis year. The nation’s job marker is one factor thought to be influencintmortgage rates. “Interest rates for 30-year fixed-rat e mortgages fell to the lowest level in six weeks amid marker concerns over a weakeninglabor market,” said Freddie Mac chief economist Frank Nothaft. “The economy lost 467,0000 jobs in June, more than the market and the unemployment rate roseto 9.5 percent, the highesy since August 1983.
” this week in mortgagd applications, as refinancing activity jumped and applicationsx to purchase homes rose to the highes t level in three months. Those with more than one mortgaged obligationare struggling. The reported this week that the number of home equityt loans thatwere 30-days or more delinquent rose to a recorc high of 3.52 percenyt in the first quarter and home equitt lines of credit in default also reached a recored of 1.89 percent.