Sunday, January 13, 2008

JSOnline: Rates drop on 30-year mortgages - Level is lowest in a month as recession worries continue

I have great news for real estate purchasers who are in the market to buy in 2008. Interest rates for a 30-year fixed mortgage fell at the end of 2007 to the lowest level since early December 2007 as investors found new reasons to worry about a possible recession.

Check out these rates:
* Freddie Mac (National Average): 6.07% (per the date of this article)
* Wisconsin Mortgage: 5.75% (reported January 15, 2008)


According to Martin Crutsinger of JSOnline, “that was down from 6.17% the week before and was the lowest level for 30-year mortgages since the week of Dec. 6, when the rate fell to a two-year low of 5.96%. That marked the only time that the 30-year mortgage was below 6% last year.”

Crutsinger also noted that “harder-to-get credit has made it more difficult for some would-be home buyers to secure financing for homes and other big-ticket purchases. The more-restrictive credit situation has deepened the housing slump.”


What do lower interest rates mean to you?

Real estate analysts predict a stronger housing market in 2008 after a quiet 2007. Real estate professionals are expecting the supply of real estate to decline along with the Fed's interest rate cuts. More and more buyers will find that their dollar will go much further this year.


Crutsinger writes more about mortgage rates and how the latest mortgage crisis has affected the housing market. Click here to read the entire article>>>

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posted by David Ray @ 3:27 PM

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