Mortgage Rates Down

December 11, 2006

Lower Long-term mortgage rates have transpired for the fifth consecutive week, according to a report issued November 30 by Freddie Mac, a major buyer of existing home mortgages. The rate for a 30 year, fixed-rate mortgage averaged 6.14 percent with an average 0.4 point (fees) on that date.

“Mortgage rates are drifting lower bringing long-term rates to levels below those of this time last year,” said Frank Nothaft, Freddie Mac’s chief economist. “Mortgage applications for home purchase in November have remained healthy.

Posted in Lending, Real Estate