AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
Byline: Jack Snyder
Nov. 9--The housing business, which helped prop up a shaky U.S. economy until the shock of the September terrorist attacks, could very well lead the nation out of recession next year thanks to mortgage rates that have fallen to more than 30-year lows, economists said Thursday.
The nationwide average rate for a 30-year, fixed-rate mortgage this week was 6.45 percent, the lowest level in the 30 years that Freddie Mac, a national recycler of mortgage money, has kept track.
The average rate on a 15-year loan fell below 6 percent -- to 5.94 percent -- its lowest level in the decade that Freddie Mac has monitored the shorter-term loan.
This time last year, the average 30-year rate was 7.79 percent; the average 15-year rate was 7.44 percent.
Rates on 30-year loans are expected to …