WASHINGTON, Feb. 21 (Xinhua) -- Mortgage rate maintained its downward trend last week in the United States as the housing market keeps slowing down, the U.S. Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said on Thursday.
For the week ending Feb. 21, 30-year fixed-rate mortgage (FRM) in the United States dropped to 4.35 percent from previous week's figure of 4.37 percent, according to Freddie Mac.
For the same period a year ago, the 30-year FRM averaged 4.4 percent, according to Freddie Mac.
"Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year," said Sam Khater, chief economist of Freddie Mac.
Freddie Mac also noted that 15-year FRM this week dropped to 3.78 percent, which was lower than previous week's reading of 3.81 percent. For the same period a year ago, the figure was 3.85 percent.
"Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months," Khater added.
Freddie Mac is a corporation founded by U.S. Congress, aiming at promoting the stability and affordability in the U.S. housing market by purchasing mortgages from banks and other loan makers. The corporation has been conducting weekly surveys on U.S. mortgage rate since April 1971. Enditem
