Mortgage Rates Fall!

The principal and interest payment on a $250,000 loan has dropped by $68.96 per month since August 3rd.   (30 Year Fixed Rate) McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.26 percent with an average 0.4 point for the week ending November 1, 2007, down from last week when it averaged 6.33 percent.  Last year at this time, the 30-year FRM averaged 6.31 percent.  The 30-year FRM has not been this low since the week ending May 17, 2007, when it averaged 6.21 percent.The 15-year FRM this week averaged 5.91 percent with an average 0.4 point, down from last week when it averaged 5.99 percent.  A year ago, the 15-year FRM averaged 6.02 percent.  The 15-year FRM has not been this low since the week ending May 10, 2007, when it averaged 5.87 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.98 percent this week, with an average 0.4 point, down from last week when it averaged 6.03 percent.  A year ago, the 5-year ARM averaged 6.05 percent.  The 5-year ARM has not been this low since the week ending May 17, 2007, when it averaged 5.92 percent.

Now is a great time to think about buying that new home! Still lots of inventory out there, and money is available at a low cost. If you’ve been considering a Lake Norman property, or a home in Mooresville, Huntersville, or Cornelius, give me a call.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: