Monday, December 10, 2007

Rates Are Still Going Strong for Buyers

This just in. The principal and interest payment on a $250,000 loan has dropped by $117.44 per month since August 3rd on the 30 yr fixed.

According to Freddie Mac the 30-year fixed-rate mortgage (FRM) averaged 5.96 percent with an average 0.4 point for the week ending December 6, 2007, down from last week when it averaged 6.10 percent . Last year at this time, the 30-year FRM averaged 6.11 percent. The 30-year FRM has not been lower since the week ending September 29, 2005, when it averaged 5.91 percent.

Will they drop any lower? I have absolutely no idea so stop asking. Ask a mortgage lender or a financial analyst. Just kidding. You can ask me. But I'll just tell you to ask a mortgage lender or a financial analyst.

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