Mortgage Rates Drop for Sixth Consecutive Week
Weeks ago when reports began to filter in about the housing market finally slowing down dramatically, most of us dismissed them as usual media hype which has been forced on us for the two years during the housing market boom. All of the rumors about the big “bubble burst”, etc., seemed to find their way into the weekly financial news. Today however some continued trends are now hinting more than ever that the market is changing.
Congressionally chartered mortgage powerhouse Freddie Mac today reported that for the sixth consecutive week mortgage rates are dropping. 30 year fixed rate mortgages fell to 6.44% this week. 15 year fixed rate mortgages were down to 6.14%. Decreases in interest rates also occurred for 5 and 1 year adjustable rate mortgages.
The complete Freddie Mac findings can be found here:MORTGAGE RATES CONTINUE TO DRIFT LOWER AS HOUSING MARKET EASES BACK FROM RECORD HIGHS
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