As demand has slowed down and the Federal Reserve is lowering interest rates fueled by slower growth in the national economy, mortgage interest rates are dropping. This week they hit a 2 year low. This is great news for home sellers as the affordability of homes is increasing with the lower payments providing more incentive for potential buyers to take action.
U.S. 30-year mortgage rates dropped to an average of 6.10 percent this week, their lowest level since the week ended Oct. 13, 2005, when they averaged 6.03 percent.
Fifteen-year mortgage rates declined to their lowest level in more than a year, falling to 5.73 percent from 5.83 percent last week. It was the lowest rate since the week ended Jan. 26, 2006, when the 15-year averaged 5.70 percent.
One-year adjustable rate mortgages rose slightly to an average of 5.43 percent from 5.42 percent in the prior week. Reuters.
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Tom,
Thanks for this article. I sent this to my mom who is about to refi. She is also trying to sell her house in Q1 of next year so this is good news!
dean