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In sharp move, mortgage rates again fall to new lows.

The America's Intelligence Wire

| May 22, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From CBS Marketwatch (Stories))

Byline: Art Jester

McLEAN, Va. (CBS.MW) -- Mortgage rates tumbled again this week, bringing all three loan types tracked by Freddie Mac to their lowest level on record.

Freddie Mac said mortgage fell for the sixth straight week, bringing the benchmark 30-year, fixed loan to a national average 5.34 percent in the week ending May 23, down from 5.45 percent a week ago. That was the lowest since Freddie Mac started tracking mortgages in 1971.

The 15-year mortgage dropped to 4.73 percent from 4.84 percent, the lowest since the loan has been monitored, and the one-year, Treasury-indexed adjustable-rate mortgage…

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