Long-term mortgage rates came down this week to near six-month lows as waning consumer confidence and weak home sales cast doubt on the strength of the economy, Freddie Mac and Bankrate.com reported today. It may be the best time to purchase a home in Ohio. If you're interested in getting a pre-approval or to simply discuss your situation Contact Us
In Freddie Mac's survey, the 30-year fixed-rate mortgage sank to an average 6.26 percent from 6.33 percent last week, and the average 15-year fixed rate dropped from 5.99 percent to 5.91 percent. Points, or fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans.
The 30-year rate hasn't been this low since the week ending May 17, when it averaged 6.21 percent; the 15-year rate is now at a low not seen since May 10, when it averaged 5.87 percent, Freddie Mac reported. This information from Inman News. ARMS also dropped which may add a slight bit of relief for homeowners that have faced a significant jump in monthly payments due to ARMS taking affect.
In Freddie Mac's survey, the 30-year fixed-rate mortgage sank to an average 6.26 percent from 6.33 percent last week, and the average 15-year fixed rate dropped from 5.99 percent to 5.91 percent. Points, or fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans.
The 30-year rate hasn't been this low since the week ending May 17, when it averaged 6.21 percent; the 15-year rate is now at a low not seen since May 10, when it averaged 5.87 percent, Freddie Mac reported. This information from Inman News. ARMS also dropped which may add a slight bit of relief for homeowners that have faced a significant jump in monthly payments due to ARMS taking affect.
posted by Cleveland Real Estate at
11/03/2007
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