The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Tradelite	8/11/2007 8:46:21 AM
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30-Year Rate Hits 2-Month Low... Associated Press Washington Post August 11, 2007 (excerpts below) The average rate on 30-year mortgages sank this week to its lowest point in two months.... Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.59 percent, down from 6.68 percent last week and the lowest since early June, when the rate average stood at 6.53 percent...... The survey covers only conforming loans--those that meet guidelines that allow them to be purchased by Freddie Mac and its competitor, Fannie Mae. It does not include loans for more than $417,000....... Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, also moved lower this week. They dropped to 6.25 percent from 6.32 percent last week. Rates on adjustable rates rose. A year ago, rates on 30-year mortgages stood at 6.55 percent.

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