November 17, 2006

30-Year Mortgages Rates Fell Sharply This Week

WASHINGTON// 30- year mortgage rate falls to lowest level in 8 months

Rates on 30- year mortgages fell sharply this week to the lowest level in eight months, reflecting easing inflation concerns.

Mortgage giant Freddie Mac reported yesterday that 30- year, fixed-rate mortgages dipped to 6.24 percent, down from 6.33 percent last week.

Rates on 15- year, fixed-rate mortgages, a popular choice for refinancing, averaged 5.94 percent, down from 6.04 percent last week.

Five-year adjustable-rate mortgages dropped to 6.04 percent from 6.08 percent last week.

A year ago, 30- year mortgages averaged 6.33 percent while 15- year mortgages stood at 5.90 percent, one-year ARMs were at 5.20 percent and five-year ARMs were at 5.86 percent. (Read More)

Source: Baltimore Sun
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Tags: Mortgage News

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Filed under Mortgage News by Kirk McDonough.
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