Arizona Real Estate Notebook

30-year fixed-rate mortgage, average in Western U.S. for week ending March 1, 2007. Blue line is Freddie Mac forecast made 2/8/2007.

“Mortgage rates drifted lower this week largely on the basis of new economic information suggesting a slower economy and lower inflation,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Real GDP growth for the last quarter was revised downward to a 2.2 percent annualized rate, compared to the 3.5 percent initially estimated, while the accompanying price measure showed that core inflation was tamer than first reported, at a revised 1.9 percent annualized rate.