Mortgage Rates Mostly Lower As Concerns Over Housing Rise

Concern over the slowing housing market may be impacting mortgage rates according to Frank Nothaft, Freddie Mac vice president and chief economist, referring to the results of the corporation's Primary Mortgage Market Survey for last week. That survey indicated a general downward drift in rates.

"Mortgage rates eased a little more this week," Nothaft said, "as market participants were concerned over how much drag the slowing housing market may have on economic growth. For instance, last week's release of housing starts for January showed the weakest reading since August, 1997 due to the abundance of homes already on the market to purchase."

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