Mortgage Rates Fall; Confidence Declines
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The potential for war with Iraq and sagging consumer confidence pulled U.S. mortgage rates this week to the lowest level since 1965, home finance giant Freddie Mac said.
The No. 2 U.S. home funding company said 30-year mortgage rates fell to 5.85%, their lowest since an average 5.83% in 1965, from 5.93% a week ago. The 30-year loan has remained below the 7% level since mid-April.
U.S. consumer confidence also posted a surprisingly steep decline in December.
The Consumer Confidence Index dropped to 80.3 in December from a revised 84.9 in November. The decline marked its sixth drop in seven months.
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