The benchmark 30 year fixed mortgage interest rate has fallen to its lowest levels in eight months. With efforts underway to infuse the market with more cash, I think the 30 year rate will fall even more and could possibly end the year at around 6.00%. Here is a snapshot (red = rates, blue = points paid)
The high (6.74%) was June 21, 2007.
Here is how interest rates on the 5 year ARM have been (green = rates, blue = points paid):
The high (6.37%) was June 14, 2007.
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Mortgage Rates Update
Home Mortgage Rates and Points Paid
The 30-Year Mortgage Rate in 2007
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on Dec 19th, 2007 at 9:37 pm
Hi Shailesh,
Your blog is really excellent.
As we move into the last month of 2007, mortgage interest rates are continuing to decrease. They are now at the lowest point in more than two years, thus opening a bit wider the door of opportunity for home buyers. The average rate for a 30-year fixed-rate mortgage is now down to 6.10 percent, with 0.5 points (fees). Last year at this time the rate was 6.14 percent. This is a popular option for many homeowners who are now refinancing their mortgage.
on Dec 20th, 2007 at 7:12 am
Richard,
Thanks for stopping by and I’m glad you like the blog. Yes rates are about the same as where they were a year ago. I don’t think rates are the issue in many cases. It’s just that buyers appear to be gun shy about purchasing not knowing where value is headed.