Interest Rates On Long-Term Mortgages Hit Two-year Low
December 6, 2007
Interest rates on 30-year fixed-rate mortgages averaged 6.10 percent for the week ending Nov. 29, down from 6.20 the prior week, and 6.14 a year ago, according to Freddie Mac’s Primary Mortgage Market Survey®. Rates have not been lower since they averaged 6.03 percent in October,2005.
"Interest rates for U.S. Treasury securities have been drifting lower this month over market concerns that the housing slump and stress in the credit markets could slow future economic growth," said Frank Nothaft, Freddie Mac vice president and chief economist. "As a result, interest rates for fixed-rate mortgages had room to slip lower this week."
Posted in All Things San Diego, Lending, Local Business, Real Estate
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