Mortgage Rates Drop Slightly

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 6.47% during the week ended Aug. 21, down from 6.52% during the prior three weeks. Meanwhile, the 15-year fixed mortgage rate slipped to 6.0% from 6.07% a week ago. Over the same period, the five-year adjustable mortgage rate fell to 5.99% from 6.02%, and the one-year ARM rose to 5.29% from 5.18%.

The Nashville real estate market has really lost some ground over 2007, it appears that we are in for a difficult Fall and Winter. We expect that mortgage rates will continue to fall as banks wrestle with liquidity and the Fed steps in to lend some help.

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