WASHINGTON, Sept. 5 (Xinhua) -- Mortgage rates dropped in the United States last week, the U.S. Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said on Thursday.
For the week ending Sept. 5, the 30-year fixed-rate mortgage (FRM) in the United States dropped from previous week's 3.58 percent to 3.49 percent, which is the lowest level since October 2016.
The benchmark mortgage rate was also significantly lower than the averaged 4.54 percent for the same period one year ago.
Besides, Freddie Mac noted that the 15-year FRM this week decreased to 3 percent, which was slightly lower than previous week's reading of 3.06 percent, much lower than 3.99 precent seen in the same period of the previous year.
"Mortgage rates continued the summer swoon due to weaker economic data. While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers," said Sam Khater, chief economist of Freddie Mac.
"The unemployment rate is low, housing affordability is improving, homebuyer demand is rising, and home price growth is stable," Khater added.
Freddie Mac is a corporation founded by U.S. Congress to promote the stability and affordability in the U.S. housing market by purchasing mortgages from banks and other loaners. It has been conducting weekly surveys on U.S. mortgage rates since April 1971.