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Mortgage rates drop to another new low: Freddie Mac


    NEW YORK (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages dropped for a ninth consecutive week, reaching their lowest level in 37 years, according to a survey released on Wednesday by home funding company Freddie Mac.

    Interest rates on the 30-year fixed-rate mortgage averaged 5.10 percent, with an average 0.7 point, for the week ending December 31, down from the previous week's 5.14 percent, according to Freddie Mac.

    The 30-year fixed-rate mortgage has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971.

    "Interest rates for 30-year fixed-rate mortgages fell for the ninth straight week and represented a third consecutive all time record low since Freddie Mac's survey began in April 1971," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.