Home loan rates drift lower

The National Realty News stated the 30-year fixed-rate mortgage average dropped to 6.16% with an average of .5 point for the week ending April 28, 2007. This is down slightly from last week when the average was 6.17%.

"Weaker existing home sales in March, coupled with lower consumer confidence in April caused the market to pause and reevaluate the potential growth of the economy this year." said Frank Nothaft, Freddie Mac vice president and chief economist. "This allowed all mortgage rates to decline slightly this week."

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Lorraine

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