Mortgage rates fall a second week - Phoenix Business Journal:

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's weekly report says 30-yeard fixed-rate mortgages averaged 5.2 percent this week, down from last week's average of 5.32 percent. A year ago, 30-year mortgages were averaging 6.37 percent, although rates fell below 5 percen earlierthis year. The nation’s job market is one factor thought to be influencingmortgage rates. “Interesty rates for 30-year fixed-rate mortgages fell to the lowestf level in six weeks amid market concerns over a weakeningtlabor market,” said Freddiw Mac chief economist Frank Nothaft. “The economy lost 467,00p0 jobs in June, more than the market consensus, and the unemployment rate roseto 9.
5 the highest since August this week in mortgage applications, as refinancing activity jumped and applications to purchase homews rose to the highest level in threee months. Those with more than one mortgage obligation are struggling. The reported this week that the numberf of home equity loans thatwere 30-days or more delinquenyt rose to a recor high of 3.52 percent in the first quartef and home equity lines of credit in defaulg also reached a record of 1.
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