Blog, Mortgage Rates
Mortgage Rates Edge Below 6%
September 16, 2008 by admin · Leave a Comment
For the first time since early spring, mortgage rates have fallen below the 6-percent threshold. Freddie Mac reports that 30-year fixed loans came in at an average of 5.93% last week, down from 6.35% a week earlier and 6.31% at the same time last year.
A borrower taking out a $200,000 mortgage at 5.93% would pay $1,190 for monthly principal and interest payments, which is $54 less than the payments on the previous week’s rate. “Consumers see a five in front of mortgages, and they get excited,” says Keith Gumbinger, a vice president at research firm HSH Associates.
It is certainly refreshing to see mortgage rates below 6%, but we wonder if that will be enough to spur home buyers to take the leap during a possible credit market collapse; I’m not that apt to leap in just yet.
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Grant Hammond, Broker, ABR, SFR, ePRO is a multiple award winning real estate broker and owner of Metropolitan Brokers, LLC in Nashville, TN. With career sales exceeding $285 million, Hammond places in the top 5% of real estate brokers nationally. Hammond is well known for exemplary personal service, consummate professionalism and a resolute commitment to his clients in the pursuit of fulfilling their real estate goals. Having represented more than 100 individual clients in just the past 3 years, he has the expertise, market knowledge and skill to understand the full scope of his clients' requirements - business and personal – to design a successful plan with every aspect in mind. 
