U.s. Mortgage rates fall below 4pc on weaker housing data

U.S. mortgage rates fell below 4 percent following disappointing housing data released in the past week, Freddie Mac said Thursday.

The 30-year fixed-rate mortgage rate fell to 3.99 percent in the week ending March 29 from 4.08 percent in the previous week. Last year, the 30-year rate averaged 4.86 percent.

"Mortgage rates slid this week amid weaker housing economic indicators," said Frank Nothaft, chief economist of Freddie Mac.

The S&P/Case Shiller Home Price Indices fell to new lows in January, while new and pending home sales fell in February, missing forecasts.

Source: IBTimes.co.uk