Freddie Mac reports that the 30-year fixed mortgage rate fell to 4.96% for the week ended Jan. 15 from 5.01% the prior week, marking the 11th straight weekly decline. During the same period, the 15-year fixed mortgage rate edged up to 4.65% from 4.62%; and the five-year adjustable mortgage rate slipped to a three-year low of 5.25%. Additionally, the one-year ARM dropped to 4.89% from 4.95%.
These are simply unprecedented mortgage rates, if you purchased your Nashville home a year or more ago, you should probably consider refinancing. Additionally, if you are a savvy real estate investor, you might consider contacting a few banks to see what their REO portfolios look like!