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Consumer spending affects mortgage rates

By Tessa Spencertspencer@abcnews4.com

If you're in the market to purchase a home, now is probably the best time to go looking.

According to FreddieMac, mortgage rates are at an all time low. They say it's because of a drop in consumer spending.

A 30-year fixed rate loan is down to 3.62 percent while a 15-year fixed rate loan is now 2.89 percent.

Consumer spending has been down over the past quarter. In April, numbers had to be revised{}from a 0.3 percent gain to 0.1 percent. Numbers went unchanged in May.

Also a contributing factor, the Institute for Supply Management reported that manufacturing shrank in June. It was{}the first decline since July 2009.

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