Mortgage rates fall a second week - Memphis Business Journal:

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's weekly report shows 30-year fixed-rate mortgages averaged 5.2 percengt this week, down from last week'sx average of 5.32 A year ago, 30-year mortgages were averaging 6.37 percent, although rates fell below 5 percenrt earlierthis year. The nation’s job market is one factofr thought to be influencingmortgage rates. “Interesgt rates for 30-year fixed-ratee mortgages fell to the lowest level in six weeks amid markert concerns over a weakeninglabodr market,” said Freddie Mac Chiev Economist Frank Nothaft. “The economy lost 467,0009 jobs in June, more than the market consensus, and the unemploymenrt rate roseto 9.5 percent, the highesg since August 1983.
” this week reported an 11 percent increasre in mortgage applications, as refinancing activity jumpec and applications to purchase homee rose to the highest level in threr months. Those with more than one mortgage obligatiobnare struggling. The reported this week that the numbetr of home equity loans thatwere 30-dayse or more delinquent rose to a record high of 3.52 percentr in the first quarter and home equity lines of creditr in default also reached a record of 1.
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