It appears that Christmas has come a month late! Long-term mortgage rates remain in a downward pattern, registering the third week in a row of declining interest. According to Freddie Mac’s numbers, average interest on 30-year fixed loans settled the week at 5.69% – the lowest level since July 2005.
Rates for 15-year fixed mortgages slipped to 5.21% from 5.43% a week ago; while the five-year adjustable-rate average retreated to 5.4% from 5.63%, and interest on one-year ARMs dropped to 5.26% from 5.37%. Observers generally agree that borrowing costs will remain at or near 6 percent for 2008 unless a U.S. recession surfaces – in which case they expect rates to decline further. However, today’s Asian and European black Monday points to the fact that rates will continue to dramatically drop.
Trust the Remarkable Homes Team to give you up to the date mortgage and pricing info for Nashville.
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