US fixed mortgage rates continue to fall

US fixed mortgage rates continued to drop for the fourth consecutive week, reflecting that weaker housing data are putting downward pressure on the rates, a survey said.

According to the Primary Mortgage Market Survey released by Freddie Mac Thursday, the 30-year fixed-rate mortgage (FRM) decreased to 4.23% in the week ending Thursday from 4.32% in the previous week, reported Xinhua.

The 15-year FRM, a popular guide for those looking to refinance, edged down to 3.33% this week from 3.40% in the prior week.

"Mortgage rates fell further this week following the release of weaker housing data," said Freddie Mac's chief economist Frank Nothaft in a statement.

"The pending home sales index fell 8.7% in December to its lowest level since October 2011. Fixed residential investment negatively contributed to GDP in the fourth quarter for the first time since the third quarter of 2010."

"The Institute for Supply Management reported a significant slowing in growth in the manufacturing industry in December than the market consensus forecast," Nothaft added.