Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.69% with an average 0.5 point for the week ending June 21, 2007, down from the previous week when it averaged 6.74%. Last year at this time, the 30-year FRM averaged 6.71%.

The 15-year FRM on Friday averaged 6.37% with an average 0.5 point, down from the prior week when it averaged 6.43%. A year ago, the 15-year FRM averaged 6.36%. Creative financing may be the answer when building new home construction in the Nashville, TN area.

Mortgage rates eased this week due to market concerns that the housing market will be a longer drag on the economy,” said Frank Nothaft, Freddie Mac vice president and chief economist. “May’s housing starts fell for the first time in four months, while home builder optimism in June fell to a sixteen-year low.”

We are certainly entering into a period of a buyer’s market and now is a great time to take advantage of the Nashville real estate market. Feel free to contact our mortgage experts for a free, no hassle evaluation of your true buying power.

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