Mortgage rates ease: Third week in a row (Some economic indicators)

(Article Excerpt: http://money.cnn.com/2008/09/04/real_estate/mortgage_survey/index.htm?postversion=2008090413)

Mortgage Rates Ease

"Mortgage rates eased a bit over the holiday-shortened week following release of economic data that suggest consumer spending may slow," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.

Growth of The Economy

"The economy grew at an upwardly revised 3.3% pace in the second quarter, boosted by the smallest trade deficit in eight years, and residential fixed investment slowed growth by 0.6%, the least amount since the same period a year ago," Nothaft further noted.

Adjustable Rate Mortgages

Five-year adjustable-rate mortgages (ARMs) averaged 5.97% this week, dropping from last week when it reported at 6.03% and from last year at this time when it was at 6.32%.