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Mortgage Rates Down

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After rising for the past two weeks, mortgage rates dropped a bit this week. According to Freddie Mac, the benchmark 30 year fixed rate dropped from 5.72% last week to 5.66%. This translates to a $9.50 per month savings on a $250,000 loan. A year ago, this rate averaged 5.86%, and it hit the a 40 year low last June at 5.21%. (These rates are nationwide averages, and carried an average of cost of .7 points. If you need a loan in Florida, contact me at Info@ezhomefree.com for a loan well below the national average with no points.)

David Lereah, the chief economist for the National Association of Realtors, believes rates will climb slowly this year to about 6.5% for a 30 year fixed loan in the forth quarter. Compared to this weeks rate, that will add $135.50 each month to a $250,000 loan.

Information from Planet Realtor was used in this report.

Dan Hoffman
What’s Your Home Worth?

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    Freddie Mac’s weekly rate report showed that the long-term mortgages have reached the highest since June 2002. The 30-year fixed rate mortgage average reached 6.59% this week compared to last week’s 6.58%. The one-year average for adjustable rate mortgages is now 5.67%. This is higher than last year’s average.

    Mortgage rates have increased for 6 consecutive weeks. It showed a consistent trend based on Freddie Mac’s economic forecast. Frank Nothaft, chief economist of Freddie Mac, reported that mortgage rates would continue to increase over the coming year.

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